Journalize
Q: What is a special journal?
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: Define sales journal.
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Requirements:
A: The percentage of completion method is a revenue recognition accounting concept that evaluates how…
Q: Define special journals and explain their usefulness.
A: General Journal It is a chronological record of the transactions, showing an explanation of each…
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A: General Journal is a financial book in which all the business transactions are recorded in…
Q: Journal entry
A: Journal entries are a process of recording and classifying business transactions into books of…
Q: Read and interpret anincome statement.
A: It shows the income generated by the company.
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A: Note : As per the bartelby guidelines only first question will be answered. Kindly post the…
Q: Explain the recording process of special journals.
A: Companies use special journals to record repetitive transactions that affect the same set of…
Q: What is difference between specific journal and general journal?
A: A specific journal is a type of journal in which primary transactions of a entry is recorded such as…
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Q: journal entry
A: SOLUTION A JOURNAL IS THE COMPANIES OFFICIAL BOOK IN WHICH TRANSACTIONS ARE RECORDER ON…
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A: Trade discount (List price * Rate of discount) = P108,000 * 15% P16,200 A Balance amount payable…
Q: Justapose the relevance of a general journal
A: Justapose the relevance of a general journal?
Q: Journalizing
A: Journal entries recording is the first step of accounting process, under which atleast one account…
Q: GENERAL JOURNAL
A: Ledger is prepared after completion of Journal entry Cash ledger as under
Q: General Journal
A: Advance payment for services to be availed in future is regarded as a prepaid expense under the head…
Q: Journal Entry
A: Journal entries recording is the initial step of accounting process. Under this, atleast one account…
Q: Create journal
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Q: prepare journal entries
A: Journal Entry The basic process accounting is to enter the required transaction which are incurred…
Q: Explain about history of IE.
A: Internet: It is a wide network or global network that interconnects computer systems all over the…
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A: Working note :- Particulars Handy Cam R- tistry Purchase price 250,000…
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A: Promissory notes are instruments designed where the maker of the note (payer) makes a promise to pay…
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A:
Q: Information
A: The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…
Q: journalizing?
A: Journalizing is the process followed by businesses in recording their transactions in an orderly…
Q: Describe the process of special journal.
A: Definition: Special journal: Special journal refers to the journal that is used to record a single…
Q: What is Journal?
A: Journal is a primary book of account in which transactions are first recorded in a chronological…
Q: Prepare journal entries
A: Jan 1 Cash Dr 3,000,000 To Capital 3,000,000 Jan 2 Purchase Dr 2,000,000 To Atlas…
Q: Describe the different types of journal.
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: a) Prepare the journal entries
A: The first question has been answered for you. Please resubmit the question specifically mentioning…
Q: inform Label
A: Gross Income of any individual refers all types of taxable…
Q: Which of these processes leads to the preparation of Journal?
A: Answer
Q: Record the above transactions in the classical journal
A: Hi student, Since there are multiple questions, we will answer only first question.
Q: Define structured note
A: A structured note is a debt obliged derivative that helps portfolio managers to provide their…
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A:
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A: Working notes :-…
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Q: Record the following transactions in the general journal.
A: RRR has started a merchandising business under the name of WEEN Trading. We are given transactions…
Q: he general journal
A: The profits of the firm at the end of the accounting year are transferred to the retained earnings.
Q: Define the term journal.
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: Explain the distinguishing characteristics of (a) a generaljournal and (b) a special journal.
A: The journals are used by the companies to record the financial transactions of an organization on…
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A: In this question we have to find out the total material handling cost.
Q: Create a General Journal.
A: When the transactions take place in an entity they are first recorded in the General Journal. From…
Q: What are the types of special journals?
A: Special journal: The special journal represents similar types of transactions that are recorded…
Q: Define exit conference.
A: Exit conference is a meeting held in the course of audit. Audit means checking and verifying the…
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- Journalize Adjusting Entries for a Merchandising Business The following partial spreadsheet is taken from the books of Vinnie’s Vegetable Market, for the year ended December 31, 20--. Vinnie’s Vegetable MarketEnd-of-Period Spreadsheet (Partial)For Year Ended December 31, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 45,000.00 (b) 50,000.00 (a) 45,000.00 Supplies 10,000.00 (d) 7,000.00 Building 60,000.00 Accum. Depr.—Building 15,000.00 (e) 5,000.00 Wages Payable (f) 1,200.00 Unearned Membership Fees 3,000.00 (c) 2,000.00 Income Summary (a) 45,000.00 (b) 50,000.00 Membership Fees 20,000.00 (c) 2,000.00 Wages Expense 37,000.00 (f) 1,200.00 Supplies Expense (d) 7,000.00 Depr. Expense—Building (e) 5,000.00 110,200.00 110,200.00 Journalize the adjustments in a general journal. Page: 1 ROW NUMBER DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT ROW…Journalize Adjusting Entries for a Merchandising Business The following partial spreadsheet is taken from the books of Vinnie’s Vegetable Market, for the year ended December 31, 20--. Vinnie’s Vegetable MarketEnd-of-Period Spreadsheet (Partial)For Year Ended December 31, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 47,000.00 (b) 49,000.00 (a) 47,000.00 Supplies 11,000.00 (d) 7,500.00 Building 48,000.00 Accum. Depr.—Building 12,000.00 (e) 4,000.00 Wages Payable (f) 1,200.00 Unearned Membership Fees 4,000.00 (c) 3,000.00 Income Summary (a) 47,000.00 (b) 49,000.00 Membership Fees 18,000.00 (c) 3,000.00 Wages Expense 36,000.00 (f) 1,200.00 Supplies Expense (d) 7,500.00 Depr. Expense—Building (e) 4,000.00 111,700.00 111,700.00 Journalize the adjustments in a general journal.WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM The following partial work sheet is taken from Nicoles Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is 37,000. 1. Complete the Adjustments columns for the merchandise inventory. 2. Extend the merchandise inventory to the Adjusted Trial Balance and Balance Sheet columns. 3. Extend the remaining accounts to the Adjusted Trial Balance and Income Statement columns. 4. Prepare a cost of goods sold section from the partial work sheet.
- WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM The following partial work sheet is taken from Kevins Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is 50,000. 1. Complete the Adjustments columns for the merchandise inventory. 2. Extend the merchandise inventory to the Adjusted Trial Balance and Balance Sheet columns. 3. Extend the remaining accounts to the Adjusted Trial Balance and Income Statement columns. 4. Prepare a cost of goods sold section from the partial work sheet.END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND REVERSING ENTRIES Vickis Fabric Store shows the trial balance on page 601 as of December 31, 20-1. At the end of the year, the following adjustments need to be made: (a, b)Merchandise inventory as of December 31, 31,600. (c, d, e)Vicki estimates that customers will be granted 2,500 in refunds of this years sales next year and the merchandise expected to be returned will have a cost of 1,800. (f)Unused supplies on hand, 350. (g)Insurance expired, 2,400. (h)Depreciation expense for the year on building, 20,000. (i)Depreciation expense for the year on equipment, 4,000. (j)Wages earned but not paid (Wages Payable), 520. (k)Unearned revenue on December 31, 20-1, 1,200. PROBLEM 15-10A CONT. REQUIRED 1. Prepare an end-of-period spreadsheet. 2. Prepare adjusting entries and post adjusting entries to an Income Summary T account. 3. Prepare closing entries and post to a Capital T account. There were no additional investments this year. 4. Prepare a post-closing trial balance. 5. Prepare reversing entry(ies).Inventory by three cost flow methods Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31. 20Y7. of Amsterdam Appliances are summarized as follows: Instructions Determine the cost of the inventory on December 31, 2O7, by the first-in, first-out method. Present data in columnar form. using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase.
- JOURNALIZE ADJUSTING ENTRY FOR A MERCHANDISING BUSINESS: PERPETUAL INVENTORY SYSTEM On December 31, Anup Enterprises completed a physical count of its inventory. Although the merchandise inventory account shows a balance of 200,000, the physical count comes to 210,000. Prepare the appropriate adjusting entry under the perpetual inventory systemPurchase-related transactions using periodic inventory system Selected transactions for Niles Co. during March of the current year are listed in Problem 5-1B. Instructions Journalize the entries to record the transactions of Niles Co. for March using the periodic inventory system.purchased merchandise from weir campany for 25000 under credit term of 1/5, n/45 FOB destination and invoice date april1 preparing journal entries useing perodic inventory system
- Adjustments for a Merchandising Business: Perpetual Inventory System with Sales Returns and Allowances A partial Trial Balance for Curless Company as of December 31, 20-- is shown. Curless CompanyPartial Trial BalanceFor Year Ended December 31, 20-- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Merchandise Inventory 151,000.00 Estimated Returns Inventory 800.00 Customer Refunds Payable 450.00 Sales 426,000.00 Sales Returns and Allowances 19,000.00 Cost of Goods Sold 288,000.00 Curless has made the following estimates for next year: Sales made this year of $9,800 will be returned next year and customers will be granted full refunds. The estimated cost of the inventory sold this year and expected to be returned by customers next year is $5,900. Open T accounts and enter the balances for the above accounts. Make appropriate adjustments to the T accounts. For grading purposes use the labels shown. TB Trial balance (beginning balance)ATB Adjusted trial balance…Adjustments for a Merchandising Business: Perpetual Inventory System with Sales Returns and Allowances A partial Trial Balance for Curless Company as of December 31, 20-- is shown. Curless CompanyPartial Trial BalanceFor Year Ended December 31, 20-- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Merchandise Inventory 151,000.00 Estimated Returns Inventory 800.00 Customer Refunds Payable 450.00 Sales 426,000.00 Sales Returns and Allowances 19,000.00 Cost of Goods Sold 288,000.00 Curless has made the following estimates for next year: Sales made this year of $9,800 will be returned next year and customers will be granted full refunds. The estimated cost of the inventory sold this year and expected to be returned by customers next year is $5,900. Open T accounts and enter the balances for the above accounts. Make appropriate adjustments to the T accounts. For grading purposes use the labels shown. TB Trial balance (beginning balance)ATB Adjusted trial balance…Question Content Area Based on the following data for the current year, what is the number of days' sales in inventory? Assume 365 days a year. Sales on account during year $463,358 Cost of merchandise sold during year 205,692 Accounts receivable, beginning of year 46,704 Accounts receivable, end of year 51,670 Merchandise inventory, beginning of year 33,192 Merchandise inventory, end of year 39,686 Round your intermediate calculations to the nearest dollar. When required, round your answer to the whole number. a.59 days b.65 days c.129 days d.70 days