E 8.01 – John’s Specialty Store (Perpetual Inventory System)
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Prepare the necessary journal entries to record the transactions.
Calculator Preview
Your numbers will vary.
Prepare the necessary journal entries to record the transactions.
Your numbers will vary.
Given the amount that merchandise was purchased for, the freight charges, the cost of merchandise returned, cost of the merchandise, and how much it was sold for… prepare a journal entry for the transactions.
Your numbers will vary.
Determine the correct inventory amount to be reported.
Your numbers will vary.
Prepare the journal entry to record the purchase and payment.
Your numbers will vary.
Given the purchased inventory cost and the short-term note payable – prepare the entry for inventory interest, and note plus interest.
Your numbers will vary.
Given the accrued warranty payable, sales revenue, percent of sales, and amount paid to satisfy claims – prepare the entry for warranty expense, the income statement, and balance sheet.
Your numbers will vary.
Given the transactions on the subscriptions – journalize the transactions and make the balance sheet.
Your numbers will vary.
Given the annual payroll. payroll tax expense and owed, and salaries owed – prepare the income statement and balance sheet.
Your numbers will vary.
Given the complete transactions – create a balance sheet.
Your numbers will vary.
Given the comparative income statements and balance sheets – find the accounts payable turnover and DPO, and if the liquidity position improved or hurt the company during year two.
Your numbers will vary.