Grouper Corporation asks you to review its December 31, 2017 inventory values an

Question

Grouper Corporation asks you to review its December 31, 2017 inventory values and prepare the necessary adjustments to the books. The following information is given to you:

B) Prepare any adjusting/correcting entries necessary at December 31, 2017. Assume the books have not been closed. (Credit account titles are automatically indented when the 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 title and explanation Debit Credit
1-

2-

3-

4-

5-

6-

7-

8-

9-

A) Determine the proper inventory balance for Grouper Corporation at December 31, 2017.

Inventory Balance $___________

Explanation / Answer

Answer a. Inventory Dec 31, 2017 - Unadjusted    234,400.00 Transaction 2      10,400.00 Transaction 3                     -   Transaction 4                     -   Transaction 5        8,700.00 Transaction 6    (10,200.00) Transaction 7    (11,600.00) Transaction 8        1,600.00 Transaction 9                     -   Inventory, Dec 31, 2017 - Adjusted    233,300.00 Answer b. Journal Entry Date Particulars Dr. Amt. Cr. Amt. Trans 3. Sales Revenue    12,200.00    Accounts Receivable    12,200.00 (To reverse the sales made to Shamsi) Trans 4. Inventory    15,500.00    Accounts Payable    15,500.00 (To record the purchase made) Trans 8. Sales return & Allowances      2,600.00    Accounts Receivable      2,600.00 (record the sales return)

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