Comprehensive Problem 2 Part 4 and 6: Note: You must complete parts 1, 2 and...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Comprehensive Problem 2 Part 4 and 6:
Note: You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6. Part 5 is an optional work sheet.
4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6.
a.
Merchandise inventory on May 31
$570,000
b.
Insurance expired during the year
12,000
c.
Store supplies on hand on May 31
4,000
d.
Depreciation for the current year
14,000
e.
Accrued salaries on May 31:
Sales salaries
$7,000
Office salaries
6,600
13,600
f.
The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of merchandise sold.
6. Journalize the adjusting entries. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2.
Post. Deblt May 31 Cost of Merchandise Sold 13.950 13.950 May 31 12,000 Prepald Insurance 12.000 May 31 7,400 Store Supplles 7,400 May 31 14,000 14,000 Sales Salarles ExpensE office salarles ExpensE Salarles Payable May 31 7,000 6,600 13.600 May 31 May 31
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
