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181 the records of xyz co indicated that 400 000 of merchandise should be on hand on 4297044

 

181. The records of XYZ Co. indicated that $400,000 of merchandise should be on hand on December 31, 2008. The physical inventory indicates that $380,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31, 2008.
 

Journal

Date

Description

Post Ref

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

182. Selected accounts and amounts appear below. Journalize the closing entry, assuming a perpetual inventory system.
 

Merchandise Inventory

$  55,500

Cost of Merchandise Sold

512,500

 

 

 

183. The following data were extracted from the accounting records of Marcus Gallery for the year ended February 28, 2008.
 

 

Merchandise Inventory, March 1, 2007

$450,000

 

Merchandise Inventory, February 28, 2008

225,000

 

Purchases

175,000

 

Purchase Returns and Allowances

25,000

 

Purchase Discounts

10,000

 

Sales

680,000

 

Sales Returns

20,000

 

Transportation In

5,000

 

 

 

Prepare the cost of merchandise sold section of the income statement for the year ended February 28, 2008, using the periodic system. Also determine gross profit. 

184. The following data for the current year ended April 30 were extracted from the accounting records of Spear Co.:
 

Cost of merchandise sold

$225,000

Operating expenses

75,000

Sales

485,000

 

 

Prepare a multiple-step income statement for the year ended April 30, 2007. 

 

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