The following list includes selected permanent accounts and all of the temporary
ID: 2448094 • Letter: T
Question
The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2013, unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system.
Accrued sales salaries amount to $1,700. Prepaid selling expenses of $2,000 have expired. A physical count of year-end merchandise inventory shows $31,294 of goods still available.
Use the above account balances along with the additional information, prepare the adjusting entries.
Accrued sales salaries amount to $1,700.
Prepaid selling expenses of $2,000 have expired.
A physical count of year-end merchandise inventory shows $31,294 of goods still available.
The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2013, unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system.
Explanation / Answer
1. Sales Salaries Expense A/c DR $ 1,700 To Accrued Salaries A/c $ 1,700 2. Selling Expense A/c DR $ 5,000 To Prepaid Selling Expenses A/c $ 5,000 3. Cost of Goods Sold A/c DR $ 606 To Merchandise Inventory A/c $ 606
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.