The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $57,775 on January 1, 2019, and $50,725 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses.    Accounts         401 Sales $ 243,600 Cr.   451 Sales Returns and Allowances   4,150 Dr.   491 Miscellaneous Income   200 Cr.   501 Purchases   101,600 Dr.   502 Freight In   1,775 Dr.   503 Purchases Returns and Allowances   3,400 Cr.   504 Purchases Discounts   1,600 Cr.   611 Salaries Expense—Sales   43,300 Dr.   614 Store Supplies Expense   2,110 Dr.   617 Depreciation Expense—Store Equipment   1,310 Dr.   631 Rent Expense   11,500 Dr.   634 Utilities Expense   2,800 Dr.   637 Salaries Expense—Office   19,100 Dr.   640 Payroll Taxes Expense   4,000 Dr.   643 Depreciation Expense—Office Equipment   370 Dr.   646 Uncollectible Accounts Expense   520 Dr.   691 Interest Expense   340 Dr.     The worksheet of Bridget's Office Supplies contains the following owner’s equity accounts. No additional investments were made during the period.    Accounts         301 Bridget Swanson, Capital $ 61,760 Cr.   302 Bridget Swanson, Drawing   41,200 Dr.     Net income for the year $48,875.Prepare a statement of owner's equity for the year ended December 31, 2019.     BRIDGET'S OFFICE SUPPLIES Statement of Owner's Equity                         $0     $0

The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 350 $ 977,150 6,448, 700 129, 350 5,595, 700 January 1 beginning inventory Purchases 4,138, 245 Purchase returns 62, 800 Sales Sales returns 49, 600 Requlred: 1. Prepare an estimate of the company's year-end Inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost

Prepare journal entries to record the following transactions, assuming periodic inventory updating and first-in, first-out (FIFO) cost allocation. Number Cost of Units per Unit A. Jan. 2, purchased merchandise for resale 300 $20 B. Jan. 12, purchased merchandise for resale 190 28 C. Jan. 16, sold merchandise for $44 per unit 250 If an amount box does not require an entry, leave it blank. Jan. 2 Jan. 12 Jan. 16 Accounts Receivable Accounts Payable Cash Purchases Sales Revenue II II II

The following information pertains to the Leopoldo Valdez School Chairs Transportation in P 172,000Merchandise Inventory 1/1/2019 1,200,000Merchandise invenoty 12/31/2019 1,900,000Purchases 4,300,000Purchase Returns and allowances 129,000Purchase Discounts 215,000Required: Prepare the cost of goods sold section of the income statement for the year ended Dece. 31, 2020

The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 35e $ 977,150 4,138, 245 January 1 beginning inventory 6,448, 700 129, 350 5,595,700 49,600 Purchases Purchase returns Sales 62, 800 Sales returns Requlred: 1. Prepare an estimate of the company's year-end inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $29 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 10 units @ $15.00 cost 20 units @ $21.00 cost 15 units @ $23.00 cost Goods purchased # of units Cost per unit Cost of Goods Available for Sale Perpetual LIFO: # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units Inventory Balance

Executive Suites, Inc., uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 60 types of products the company keeps in stock. The following transactions show the purchases and sales of a particular desk chair (product code DC-7) during September. Sept. 1 Balance on hand. 50 units, cost $60 each........................$3,000 Sept. 4 Purchase, 20 units, cost $65 each........................................$1,300 Sept. 8 Sale, 35 units. sales price $100 each...................................$3,500 Sept. 9 Purchase, 40 units, cost $65 each........................................$2,600 Sept. 20 Sale, 60 units, sales price $100 each.................................$6,000 Sept. 25 Purchase, 40 units, cost $70 each.......................................$2,800 Sept. 30 Sale, 5 units, soles price $110 each.....................................$550a. Record the beginning inventory, the purchases, the cost of goods sold, and the running balance…

Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 Inventory, August 31 Purchases Purchases returns and allowances Purchases discounts Freight in Schedule of the Cost of Goods Sold For the Month Ended August 31 Line Item Description Cost of merchandise purchased: Net purchases Total cost of merchandise purchased $ 71,130 90,820 368,870 16,360 12,190 3,540 Amount Amount 1000 $

Jeana's Furniture's unadjusted Merchandise Inventory account at year-end is $69,000. The physical count of inventory came up with a total of $67,600. Journalize the adjusting entry needed to account for inventory shrinkage. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

You are accountant for New Horizon Merchandising Company.  New Horizon Merchandising Company buys and sells a product called Zoom.  Company uses Perpetual Inventory System with LIFO method for inventory valuation. New Horizon uses Net Method for accounting for its purchases and sales.   On January 1, 2019, New Horizon’s merchandise inventory on hand consisted of the following:   Zoom: Quantity Cost per Unit 1st Purchase 200 $4 2nd Purchase 110 $5   45. New Horizon Company purchased 300 units of Zoom at $5.50 each plus $99 sales taxes. Terms were 2/10, n/30, FOB Shipping Point.Shipping cost was $51.Provide the necessary journal entry to record the transaction.     Debit Credit               46. Assume New Horizon paid for the above purchase within discount period. Provide the necessary journal entry to record the transaction.     Debit Credit               47. Assume New Horizon paid for the above purchase after the…