Record the appropriate adjusting entries using the data below and extend the balances over to the adjusted trial balance columns.

Dec 15th, 2015
HelloWorld
Category:
Accounting
Price: $20 USD

Question description

 1. Use the following information to complete the partial worksheet for Bill’s Company. Record the appropriate adjusting entries using the data below and extend the balances over to the adjusted trial balance columns. 

Merchandise inventory—ending $10 

Store supplies on hand 3 

Depreciation on store equipment 2 

Accrued salaries 1


                                                                                           (Chart)

                                    Bill’s Company Partial Worksheet For the Year Ended December 31st, 2012


                                    Account Titles          Trial Balance           Adjustments         Adjusted Trial Balance

                                                                        Debit /Credit             Debit /Credit                Debit /Credit

                                   Merchandise Inv.          16

                                   Store Supplies              10

                                   Store Equipment           20

                                   Accum. Depr. Store Equip.         6 

                                   Salaries Payable

                                   Income Summary

                                   Salary Expense            10

                                  Depreciation Expense 

                                 Store Supplies Exp.


2.The Bixby Co. had the following transactions involving the purchase of merchandise. Prepare the necessary general    journal entries. Any applicable freight costs are prepaid by the seller. The perpetual inventory method is in use.

June 16        Purchased merchandise having a price of $6,000 from the Shelby Manufacturing Co. on account with credit                             terms 10, n/30. Transportation terms F.O.B destination.

June 16        Purchased merchandise having a price of $9,000 from the Ajax Supply House on account with credit terms                              2/10, n/30. Transportation terms F.O.B shipping point. The freight costs were $175.

June 17        Received the goods from Shelby. 

June 17        Received the goods from Ajax.

June 20       Returned for credit merchandise with an invoice price of $800 to Ajax. 

June 25       Paid Shelby the amount owed. 

June 28       Paid Ajax the amount owed. 

June 30       Returned for cash, merchandise with an invoice price of $400 to Shelby.


Prepare the necessary general journal entry for June 16, Purchased merchandise having a price of $6,000 from the Shelby Manufacturing Co. on account with credit terms 2/10, n/30. Transportation terms F.O.B destination. 

_____________________________________ __________ __________ 

_____________________________________ __________ __________ 

_____________________________________ __________ __________


Prepare the necessary general journal entry for June 17, Received the goods from Shelby. 

_____________________________________ __________ __________ 

_____________________________________ __________ __________

 _____________________________________ __________ __________


Prepare the necessary general journal entry for June 25.

 _____________________________________ __________ __________ 

_____________________________________ __________ __________

 _____________________________________ __________ __________


Prepare the necessary general journal entry for June 28. 

_____________________________________ __________ __________ 

_____________________________________ __________ __________ 

_____________________________________ __________ __________

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