Adjusting journal entry for ending inventory
[DOC File]CHAPTERS 3 AND 9—ADJUSTING ENTRIES AND …
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General Journal Page 1 Date Account Title P.R. Debit Credit 2014 Adjusting Entries Dec. 31 Salaries Expense 12,000.00 Salaries Payable 12,000.00 An adjusting entry, such as one for an accrued expense, affects both the income statement and the balance sheet) as it results in an increase (debit) to an expense account and an increase (credit) to a ...
[DOC File]Georgia Department of Education
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Optionally, the journal entry to record the Inventory account and the Fund Balance - Nonspendable account might not be reversed and left intact in these balance sheet accounts throughout the year. Then at the end of the next year the LUA records a journal entry adjusting the value recorded on the books from the prior year to the current year ...
[DOC File]Accounting I Final Question and Answers:
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A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is _____. debit Salary Expense, $16,000; credit Salaries Payable, $16,000. The following adjusting journal entry was found on page 4 of the journal.
[DOC File]Accounting I Final Question and Answers:
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A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is _____. ... The following adjusting journal entry was found on page 4 of the journal. Select the best explanation for the entry. ... ending inventory 120.
[DOC File]The University of Houston
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The balances from actual inventory count and automated inventory system should equal ending inventory balances recorded for the fiscal year in PeopleSoft. Adjusting the Inventory Balance. After the accuracy of the inventory has been verified, each department shall prepare a journal entry adjusting the inventory balances.
[DOC File]1 - Dean of Students Office | Iowa State University
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Buying inventory from a supplier on credit. Selling stock to investors for cash. All of the above. Revenue is always recognized when. Expenses are paid. Cash is collected. It is earned. The end of the period arrives. Accumulated Depreciation is a(n) Liability. Asset. Contra-asset. Revenue. Analyzing and Recording Adjusting Journal Entries. 36.
[DOC File]accountingreviewmaterials « Be a CPA with or without a ...
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d. contains only adjusting entries. 29. A journal entry to record the sale of inventory on account will include a. a. debit to inventory. b. debit to accounts receivable. c. debit to sales. d. credit to cost of goods sold. 30. A journal entry to record a payment on account will include a. a. debit to accounts receivable. b. credit to accounts ...
[DOC File]Old Exam Packet – Acct 284 - Iowa State University
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At the end of the month, the adjusting journal entry to record the use of supplies would include: a. An increase to supplies and an increase to expenses. b. ... B. Ending inventory will be smaller if LIFO is used rather than FIFO.
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