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

ACC 291T Wk 4 - Apply: Connect Homework (New) PLDZ-13560 Free
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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). 

  

 

 

 

  

 

 

Merchandise inventory

$

41,300

 

Sales returns and allowances

$

5,800

 

 

122,300

 

Cost of goods sold

 

107,100

 

 

7,000

 

Depreciation expense

 

11,000

Sales

 

158,800

 

Salaries expense

 

36,000

Sales discounts

 

3,600

 

Miscellaneous expenses

 

5,000

 

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). 

  

 

 

 

  

 

 

Merchandise inventory

$

41,300

 

Sales returns and allowances

$

5,800

 

 

122,300

 

Cost of goods sold

 

107,100

 

 

7,000

 

Depreciation expense

 

11,000

Sales

 

158,800

 

Salaries expense

 

36,000

Sales discounts

 

3,600

 

Miscellaneous expenses

 

5,000

 

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

 

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