FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- I have the entire chart completed as seen in the attachment but I can not figure out what I am doing wrong on the two parts marked with red x's.Please help. Duke Company’s records show the following account balances at December 31, 2021: Sales revenue $ 16,800,000 Cost of goods sold 9,900,000 General and administrative expense 1,090,000 Selling expense 590,000 Interest expense 790,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount. $390,000 in restructuring costs were incurred in connection with plant closings. Inventory costing $490,000 was written off as obsolete. Material losses of this type are considered to be unusual. It was discovered that depreciation expense for 2020 was understated by $59,000 due to a mathematical error. The company experienced a negative foreign currency translation adjustment of $290,000 and had an unrealized gain on debt securities…arrow_forwardRite Shoes was involved in the transactions described below. Purchased $8,200 of inventory on account. Paid weekly salaries, $920. Recorded sales for the first week: Cash: $7,100; On account: $5,300. Paid for inventory purchased in event (1). Placed an order for $6,200 of inventory. Required:Prepare the appropriate journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)arrow_forwardplease explain your answer...arrow_forward
- Credit Prepare separate entries for each transaction for Sandhill Company. The merchandise purchased by Teal Mountain on June 10 cost Sandhill $2,090, and the goods returned cost Sandhill $280. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date く Account Titles and Explanation > (To record credit sale) > (To record cost of goods sold) > Debit To record credit for recoint of goods returned)arrow_forwardSplish Company sold $8,950 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries ignoring cost of goods sold entries when (a) Splish makes the sale. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) (b) Splish grants an allowance of $658 when some of the shelving does not meet exact specifications but still could be sold by Elkins. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) (c) at year-end; Splish estimates that an additional $200 in allowances will be granted to Elkins. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account…arrow_forwardSold $32,800 of merchandise on April 28 to Valez Ltd., terms n/30. The goods sold had cost Hiroole $24,000. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (b) . Date April 28 April 28 Account Titles and Explanation May 3 May 3 Accounts Receivable Sales Refund Liability (To record sales) Cost of Goods Sold Estimated Inventory Returns Inventory (To record cost of goods sold) Date Account Titles and Explanation (To record sales returns) Debit (To record cost of goods returned) 32800 Debit 23040 960 On May 3, merchandise with a selling price of $1,260 was returned by Valez. The goods had a cost of $960 and they were restor to inventory. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is…arrow_forward
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- Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax $74,000 5,950 Shipment of machine Insurance on the machine for the first year Installation of machine 990 690 1,980 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet re to search ASUSarrow_forwardPart C: Recognizing that Splish’s products must still move through the bottling department before being ready for sale, record the journal entry to recognize the completion and removal of units from the manufacturing department. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Part D:arrow_forwardhh. Subject:- Accounting On December 31, the company purchases equipment for $10,000 and pays for the purchase in cash.Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.arrow_forward
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