At year-end, the perpetual inventory records of Monty Company showed merchandise inventory of $112,410. The company determined, however, that its actual inventory on hand was $110,490. Record the necessary adjusting entry. (List all debit entries before credit entries. 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 O for the amounts.) Account Titles and Explanation Debit Credit

At year-end, the perpetual inventory records of Monty Company showed merchandise inventory of $112,410. The company determined, however, that its actual inventory on hand was $110,490. Record the necessary adjusting entry. (List all debit entries before credit entries. 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 O for the amounts.) Account Titles and Explanation Debit Credit

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 2CPP: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account...

See similar textbooks

Similar questions

Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.
At year-end, the perpetual inventory records of Crane Company showed merchandise inventory of $105,290. The company determined, however, that its actual inventory on hand was $102,170. Record the necessary adjusting entry. (List debit entry before credit entry. Credit account titles are automatically indented when the an is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Prepare the journal entries to record the following transactions on Sunland Company's books under a perpetual inventory system. (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.) (a) On March 2, Splish Brothers Company sold $899,700 of merchandise to Sunland Company on account, terms 2/10, n/30. The cost of the merchandise sold was $525,600. (b) On March 6, Sunland Company returned $111,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $69,800. (c) On March 12, Splish Brothers Company received the balance due from Sunland Company. Date March 2 Account Titles and Explanation Debit 899,700 Credit 899,700
Monty Company has the following account balances: Sales Revenue $240,400, Sales Discounts $3,510, Cost of Goods Sold $139,200, and Inventory $45,300.Prepare the entries to record the closing of these items to Income Summary under the perpetual inventory system. (List all debit entries before credit entries. 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.) Account Titles and Explanation Debit Credit enter an account title to close accounts with credit balances enter a debit amount enter a credit amount enter an account title to close accounts with credit balances enter a debit amount enter a credit amount (To close accounts with credit balances) enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit…
On June 12, Crane Company returned $730 of merchandise previously purchased from Larkspur Produce on account. Prepare the journal entry to record the return on Crane Company's books. Crane uses a perpetual inventory system. (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.) Date Account Titles and Explanation Jun. 4 Debit Credit
Ayayai Company has the following account balances: Sales Revenue $245,600, Sales Discounts $3,610, Cost of Goods Sold $103,600, and Inventory $41,800. Prepare the entries to record the closing of these items to Income Summary under the perpetual inventory system. (List all debit entries before credit entries. 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 O for the amounts.) Account Titles and Explanation (To close accounts with credit balances) (To close accounts with debit balances) Debit Credit
Prepare the journal entries to record the following transactions on Cullumber Company's books under a perpetual inventory system. (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.) (a) (b) (c) On March 2, Marin Company sold $928,800 of merchandise to Cullumber Company on account, terms 2/10, n/30. The cost of the merchandise sold was $511,500. On March 6, Cullumber Company returned $108,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $60,800. On March 12, Marin Company received the balance due from Cullumber Company. Date Account Titles and Explanation Toxtbookand Media Debit Credit
Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (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 amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) On March 2, Metlock Company sold $882,900 of merchandise to Ivanhoe Company on account, terms 3/10, n/30. The cost of the merchandise sold was $527,900. (a) On March 6, Ivanhoe Company returned $107,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $66,800. (b) (c) On March 12, Metlock Company received the balance due from Ivanhoe Company. Date Account Titles and Explanation Debit Credit March 2
If Metlock Company uses the allowance method to account for uncollectible accounts, journalize the entry if on May 8 Metlock determined that Randal Company's $760 balance is uncollectible. (List debit entry before credit entry. 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 the amount is entered. Do not indent manually.) Date Account Titles and Explanation May 8 Bad Debt Expense Allowance for Doubtful Accounts Debit 760 Credit 760
At year-end, the perpetual inventory records of Marigold Company showed merchandise inventory of $100,600. The company determined, however, that its actual inventory on hand was $96,900.Record the necessary adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media
At year-end, the perpetual inventory records of Blue Company showed merchandise inventory of $100,400. The company determined, however, that its actual inventory on hand was $96,500.Record the necessary adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 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
On October 10, 202X, Jackson Co. issued debit memorandum no. 1 for $380 to Ada Co. for merchandise returned from invoice no. 312. The merchandise was purchased on account. Your task is to journalize, record, and post this transaction as appropriate. Use the perpetual inventory system. Journalize the transaction. (Record debits first, then credits. Exclude explanations from journal entries. Ignore posting references for purposes of this problem.) Account Titles Date Oct. 10 Debit Accounts Payable Subsidiary Ledger Record the transaction to the subsidiary ledger account and post to the general ledger accounts. (Select the appropriate account names for each ledger. Ignore posting references for purposes of this problem.) Credit General Ledger