From the adjusting entries below, prepare the reversing entry(ies) that would be needed for January 1.GENERAL JOURNALPage 1DatePostDescriptionRef.DebitCreditAdjusting EntriesDec. 31 Work in Process InventoryFactory Overhead31 Interest ReceivableInterest Revenue17,333.0017,333.002,367.002,367.0031 Office Supplies Expense6,319.00Office Supplies6,319.0031 Factory Overhead15,841.00Factory Supplies15,841.0031 Bad Debt Expense4,320.00Allowance for Doubtful Accounts4,320.0031 Factory Overhead1,927.00Prepaid Insurance1,927.0031 Factory Overhead6,210.00Accumulated Depreciation-FactoryBuilding6,210.0031 Factory Overhead14,253.00Accumulated Depreciation-FactoryEquipment14,253.00

By reversing the adjusting entries made at the end of the previous period, we return the accounts to…

Answered: From the adjusting entries below,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 7EA: Prepare journal entries to record the following transactions, assuming periodic inventory updating...

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Similar questions

calculate the Work-in-Process inventory account as of Dec 31 balance?
g) Post the appropriate entries to Work in Process Inventory account & determine the account balance on March 31, the end of the quarter.
For each of the following records, indicate the appropriate related file structure: master file, transaction file, reference file, or archive file.a. customer ledgersb. purchase ordersc. list of authorized vendorsd. records related to prior pay periodse. vendor ledgersf. hours each employee has worked during the current pay periodg. tax tablesh. sales orders that have been processed and recorded
At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs, $180,000, and direct materials costs, $100,00O. At year-end, the company's records show that actual overhead costs for the year are $925,600. Actual direct materials cost had been assigned to jobs as follows. Jobs completed and sold Joba in finiahed goods inventory Jobe in work in process inventory $380,000 79,000 50,000 Total actual direct materiala cost $509,000 1. Determine the predetermined overhead rate. 283. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead ispverapplied or underapplied. 4. Prepare the adjusting entry tổ allocate any over- or underapplied overhead to Cost of Goods Sold.
Bay Book and Software has two sales departments: Book and Software. After recording and posting all adjustments, including the adjustments for merchandise inventory, the accountant prepared the adjusted trial balance (shown on the next page) at the end of the fiscal year. Merchandise inventories at the beginning of the year were as follows: Book Department, 53,410; Software Department, 23,839. The bases (and sources of figures) for apportioning expenses to the two departments are as follows (rounded to the nearest dollar): Sales Salary Expense (payroll register): Book Department, 45,559; Software Department, 35,629 Advertising Expense (newspaper column inches): Book Department, 550 inches; Software Department, 450 inches Depreciation Expense, Store Equipment (property and equipment ledger): Book Department, 7,851; Software Department, 2,682 Store Supplies Expense (requisitions): Book Department, 205; Software Department, 199 Miscellaneous Selling Expense (volume of gross sales): Book Department, 240; Software Department, 110 Rent Expense and Utilities Expense (floor space): Book Department, 9,000 square feet; Software Department, 7,000 square feet Bad Debts Expense (volume of gross sales): Book Department, 1,029; Software Department, 441 Miscellaneous General Expense (volume of gross sales): Book Department, 364; Software Department, 156 Required Prepare an income statement by department to show income from operations, as well as a nondepartmentalized income statement (using the Total columns) to show net income for the entire company.
LIFO costing Using last-in, first-out perpetual inventory costing and the information presented in E2-7, compute the cost of materials used and the cost of the July 31 inventory.
Journal entries using the periodic inventory system The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems uses the periodic inventory system. Journalize the entries to record the transactions of Air Systems Company.
Journalize these transactions of september assuimg the perpetual inventory system is being used identify each tranasaction of account payable and receivable with vendor or customer name
need to enter the beginning balances in the summary and record the April transactions using a perpetual inventory system. include margin explanations for the changes in revenues and expenses please answer in text with workings and steps
Question 4 For each of the following records, indicate the appropriate related file structure: master file,transaction file, reference file, or archive file customer ledgers purchase orders list of authorized vendors records related to prior pay periods vendor ledgers hours each employee has worked during the current pay period tax tables sales orders that have been processed and recorded
18. SYSTEM DOCUMENTATION—EXPENDITURE CYCLE (MANUALPROCEDURES)The following describes the expenditure cycle manual procedures for a hypothetical company.The inventory control clerk examines the inventory records for items that must be replenished andprepares a two-part purchase requisition. Copy 1 ofthe requisition is sent to the purchasing department,and Copy 2 is filed.Upon receipt of the requisition, the purchasingclerk selects a supplier from the valid vendor file (reference file) and prepares a three-part purchase order.Copy 1 is sent to the supplier, Copy 2 is sent to theAP department where it is filed temporarily, andCopy 3 is filed in the purchasing department.A few days after the supplier ships the order, thegoods arrive at the receiving department. They areinspected, and the receiving clerk prepares a threepart receiving report describing the number andquality of the items received. Copy 1 of the receivingreport accompanies the goods to the stores, wherethey are secured. Copy…
Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don’t forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account.

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