Peter kalle company had the following account balances at, Ask an Expert

Accounting

Peter Kalle Company had the following account balances at year-end: cost of goods sold $55,243; merchandise inventory $15,153; operating expenses $29,503; sales $105,181; sales discounts $1,273; and sales returns and allowances $1,546. A physical count of inventory determines that merchandise inventory on hand is $13,300.

Instructions:

(a) Prepare the adjusting entry necessary as a result of the physical count.

(b) Prepare closing entries.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9440311

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Questions -q1 tom is employed by aa ltd in the usa which is

Questions - Q1. Tom is employed by AA Ltd in the USA which is the parent company located in Los Angelos. Tom was transferred on the 30th of December 2017 to the subsidiary company in Brunswick Melbourne Victoria. AA Ltd ...

Question each part should be supported with extensive text

Question: Each part should be supported with extensive text explaining and supporting the details of your plan. Part Two - List of financial goals (short, medium, and long-term) ? ?You should have a minimum of 3 for each ...

Question - trina makes handmade leis in hawaii which she

Question - Trina makes handmade leis in Hawaii which she sells to local tourists. She anticipates August to be a busy month with the sale of 500 leis. She has prepared the following static budget for August: Sales revenu ...

Question - on january 1 2017 pina corporation purchased 333

Question - On January 1, 2017, Pina Corporation purchased 333 of the $1,000 face value, 9%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2027, and pay interest annually beginning January 1, 2018. Pina pur ...

Question the records of hetrick company and frear

Question: The records of Hetrick Company and Frear Corporation show the following information. Prepare journal entries, if required, to adjust the books of Hetrick Company or Frear Corporation, as noted. The fiscal year ...

Accounting question - a comparative balance sheet for

Accounting Question - A comparative balance sheet for Halper Corporation appears on the next page, and the statement of cash flows form follows. Explain below, why you must convert from an accrual basis of accounting to ...

Question - the company uses pre-numbered purchase orders

Question - The company uses pre-numbered purchase orders. Only the Purchase Manager is able to use and authorize the purchase orders. Once the purchase order has been sent to a supplier, a copy is given to the accounting ...

Question hg wells once said statistical thinking will one

Question: H.G. Wells once said, "Statistical thinking will one day be as necessary for efficient citizenship as the ability to read and write!" What part will statistics play in the Global Society? Take a position on whe ...

Question - a summary of labor costs and associated

Question - A summary of labor costs and associated deductions for the month of July follows: Gross PAYG Tax Super Medical Fund Direct labour 40,000 12,000 2,000 200 Indirect labour 8,000 2,400 400 40 48,000 14,400 2, ...

Question - a fire destroys all of the merchandise of

Question - A fire destroys all of the merchandise of Bridgeport Company on February 10, 2017. Presented below is information compiled up to the date of the fire. Inventory, January 1, 2017$395,100 Sales revenue to Februa ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert