ACC 291T Wk 4 - Apply: Connect Homework (New)

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ACC 291T Wk 4 - Apply: Connect Homework (New)

Required information

Use the following information for the Quick Study below.

[The following information applies to the questions displayed below.] 

Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). 

A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $39,800.

QS 5-9 Accounting for shrinkage-perpetual system LO P3

 Prepare the entry to record any inventory shrinkage.  

Required information

Use the following information for the Quick Study below.

[The following information applies to the questions displayed below.] 

Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). 

A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $39,800.

QS 5-10 Closing entries LO P3

Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from QS 5-9. (The solution from QS 5-9 is required to complete this question.)  

Exercise 5-10 Preparing adjusting and closing entries for a merchandiser LO P3

QS 5-12 Preparing a multi-step income statement LO P4