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Journalize the adjusting entries

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Financial Accounting ? Project I.;The Howit Department store is located in midtown Metro. During the past several years, net income has been declining because of suburban shopping centers. At the close of the year ended December 31,2007, the following accounts appeared in two of its trial balances..;Trial Balances;Unadjusted;Adjusted;Difference Increase/(Decrease);?;?;?;?;Accounts Payable;$37,310;$37,310;$0;Accounts Receivable;12,770;12,770;0;Accumulated Depreciation-Delivery Equipment;15,680;19,680;4,000;Accumulated Depreciation-Store Equipment;32,300;41,800;9,500;Cash;7,000;7,000;0;Delivery Expense;8,200;8,200;0;Delivery Equipment;57,000;57,000;0;Depreciation Expense-Delivery Equipment;?;4,000;4,000;Depreciation Expense-Store Equipment;?;9,500;9,500;Freight-in;5,060;5,060;0;Common Stock;70,000;70,000;0;Retained Earnings;14,200;14,200;0;Dividends;12,000;12,000;0;Insurance Expense;?;9,000;9,000;Interest Expense;8,000;8,000;0;Interest Revenue;5,000;5,000;0;Merchandise Inventory;34,360;34,360;0;Notes Payable;46,000;46,000;0;Prepaid Insurance;13,500;4,500;(9,000);Property Tax Expense;?;3,500;3,500;Purchases;640,000;640,000;0;Purchase Discounts;7,000;7,000;0;Purchase Returns and Allowances;3,000;3,000

 

Paper#81737 | Written in 18-Jul-2015

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