last one
In Figure 3.03 R, what is the extension of Merchandise Inventory Account after adjustments?
$13,500 in the Balance Sheet Debit column
Westin Supply sold store supplies on account to Kayla's Gift Shop for $256 and Kayla's Gift Shop recorded the transaction as shown above. What would be the correct posting of this General Journal Entry shown in Figure 3.03 L to the General Ledger?
Debit Supplies-Store $256; credit Accounts Payable-Control, $256 and credit Accounts Payable/Westin Supply, $256
$1,000 of the current year's sales will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $450. What is the journal entry for recording the adjustment for uncollectible accounts?
Debit Uncollectible Accounts Expense, $1,000; Credit Allowance for Uncollectible Accounts, $1,000
$1,800 of the current year's sales will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $150. What is the journal entry for recording the uncollectible accounts adjustment?
Debit Uncollectible Accounts Expense, $1,800; credit Allowance for Uncollectible Accounts, $1,800
Using the year ended worksheet for Frozen Tundra Outdoor Sales in Figure 3.03 R, what is the cost of merchandise sold?
The cost of merchandise sold is $18,050
At the end of the year, Tom's Trucking has calculated its Federal Income Tax amount for the year to be $6,000. Tom's Trucking has already made Federal Income Tax payments in the amount of $4,000. How is the adjusting entry for Federal Income Tax Expense recorded in the adjustments columns on a multi-column trial balance worksheet?
Debit Federal Income Tax Expense, $2,000; Credit Federal Income Tax Payable, $2,000
Allen discovered that a sale on account to Jones Company on July 15 for $4,800 was incorrectly charged to the account of Jackson Company. What is the journal entry to correct this error?
Debit Jackson Company $4,800 and credit Jones Company $4,800
The merchandise inventory account has a balance of $2,400. At the end of the month, a physical count of the inventory items shows $2,700 is on hand. How is the adjusting entry to inventory recorded on a multi-column trial balance worksheet?
Debit Merchandise Inventory, $300; credit Income Summary, $300
Susan discovered that a sale on account to Michelle Company on February 12 for $800 was incorrectly charged to the account of Michael Company. What is the journal entry to correct this error?
Debit Michelle Company $800 and credit Michael Company $800
Simon's CDs is closing their books at the end of the year. They have a net loss of $30,000. What is the correct entry to close the Income Summary account?
Debit Retained Earnings, $30,000; credit Income Summary, $30,000
At the end of the accounting period the prepaid insurance account needs to be adjusted by $680 to reflect insurance that has been used during the period. How is the adjustment recorded on the multi-column trial balance worksheet?
In the Adjustments columns, debit insurance expense, $680; credit prepaid insurance, $680
Store Equipment has a balance of $30,000. The equipment has a useful life of 8 years and a salvage value of $6,000. At the end of the year, how is the adjusting entry for depreciation recorded on a multi-column trial balance worksheet?
In the adjustments columns, debit Depreciation Expense - Store Equipment, $3,000; credit Accumulated Depreciation - Store Equipment, $3,000
Debit Uncollectible Accounts Expense, $1,000; Credit Allowance for Uncollectible Accounts, $1,000
In the adjustments columns, debit Federal Income Tax Expense, $6,000; credit Federal Income Tax Payable, $6,000
Supplies-Store has a balance of $2,200. At the end of the month, a physical count of the Supplies-Store items shows $1,400 is on hand. How is the adjusting entry to Supplies-Store recorded on a multi-column trial balance worksheet?
In the adjustments columns, debit Supplies Expense-Store, $800; credit Supplies-Store, $800
Using the year ended worksheet for Alaina's Accounting in Figure 3.03 T, what is the Acc. Depr. - Store Equip. balance on the Post-Closing Trial Balance?
The Acc. Depr. - Store Equip balance is $1,500
