[apmmoush]

June 30, 2010, the end of the quarter is on a Wednesday. Employees get paid each Friday for the rest of the week worked. Abel Co. has five employees who earn $100 per day each. Make the necessary adjusting journal entry for June

[apmmoush]

An asset that cost $50,000 was purchased January 1st. The asset has an estimate useful life of three years and an estimated salvage value of $3,200. Prepare the necessary adjusting journal entry for the end of the year

[Sabbath51]

Debit- Depr. Expense asset- 15600

Credit= Accum. Depreciation expense- 15600

[pready]

First you have to calculate the salaries earned for the current week. Hint: Monday, Tuesday, and Wednesday

Now you have to do the adjusting entry:
Debit Salaries Expense (or Wages Expense) for 3 days of salaries earned
Credit Salaries Payable (or Wages Payable) for 3 days of salaries earned.

[apmmoush]

Prior to recording adjusting entries on December 32, a company's Store Supplies account had an $880 debit balance. A physical count of the supplies showed $325 if unused supplies available as of December 31. Prepare the required adjusting entry.

[apmmoush]

A company that uses the perpetual inventory system purchased $8,500 worth of inventory on September 25. Terms of purchase were 2/10, and n/30. The invoice was paid in full on October 4. Prepare the journal entries to record these merchandise transaction

[apmmoush]

A Roller Blade company uses the perpetual inventory system and had the following transactions during
October 6: Purchased $4,000 of inventory. The seller's credit terms are 2/10, n/30.

October 8: Returned $200 worth of defective units and received full credit.

October 15: Paid amount due, less then returned items.

Prepare journal entries to record each of the preceding transactions.

[apmmoush]

Steve's Skateboards uses the perpetual inventory system and had the following sales transactions during April.

April 2: Sold merchandise to Happy Hobby Shop on credit for $4,800, terms 1/15, n/60. The items sold had
a cost of $2,700.

April 4: Happy Hobby Shop returned merchandise that had a selling price of $200. The cost of the merchandise
returned was $10.

April 13: Happy Hobby Shop paid for the merchandise sold on April 2, taking any appropriate discount earned.

Prepare the journal entries that Steve's Skateboards must take to record these transactions

[pready]

What is your question? You need to journalize the transactions.

[pready]

What is your question? You need to journalize the transactions.

[pready]

What is your question? You have 2 transactions. Also you will need to calculate the amount of discount taken.