Accounting chapter 6 comprehensive problem 77

Accounting exercises journal entries

Give the journal entry for the purchase of inventory. Attach Form or EZ Health savings account deduction. Social security benefits 20a. The closing entries under a periodic system are as follows. Also attach Forms W-2G and R if tax was withheld. When a sale is made, two journal entries are required, one to record the sale and the other to reduce the inventory and record the cost of goods sold. FIFO b. Include any related employer expenses. Attach Form Business income or loss. Under a periodic system, the credit would be to Purchase returns and allowances. Required: Give the journal entry required at March 31 to record the cost of goods sold for the quarter using: a. Assume Ribbon Company uses periodic record keeping for inventory. When a sale is made, only one journal entries is required to record the sale. Give the journal entry s to record the salary expense for the period.

This is your adjusted gross income 0 0. The closing entries under a periodic system are as follows. Subtract line 36 from line Also attach Forms W-2G and R if tax was withheld.

Chapter 6 inventories pdf

Give the journal entries to record the sales and reduction in inventory if appropriate: June 4 Date Account Debit Credit June 15 37 21 June 25 Half the shirts will be delivered by May 30 and the other half in June. The purchase is paid for on January 12 th. Required: Record the journal entries for each purchase. Assume Ribbon Company uses periodic record keeping for inventory. What is the journal entry needed to correct the accounting records? Give the journal entry s to record the salary expense for the period. Assume any freight charges are paid in cash at the time of receipt. List type and amount Combine the amounts in the far right column for lines 7 through Coverage starts May 15th. Attach Form The journal entry would be as follows: To record the shipping cost of inventory. LIFO c. The compan y began with 10, units of inventory on hand.

Cost of goods sold is calculated at the end of the period. List type and amount Combine the amounts in the far right column for lines 7 through Required: Record the journal entries for each purchase. Half the shirts will be delivered by May 30 and the other half in June. Also, please use Form V.

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Transaction Account Debit Credit a. Student loan interest deduction.

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