Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 25 Sep 2017 My Price 6.00

Emerson St. Paul Book Shop

Journalizing adjusting and closing entries, and computing gross profit

Emerson St. Paul Book Shop’s accounts at June 30, 2012, included the following unadjusted balances:

Inventory

  

$ 5,400

Cost of goods sold

40,300

Sales revenue

85,300

Sales discounts

1,400

Sales returns and allowances

2,000

The physical count of inventory on hand on June 30, 2012, was $5,000.

Requirements

1. Journalize the adjustment for inventory shrinkage.

2. Journalize the closing entries for June 2012.

3. Compute the gross profit.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 09:09 PM My Price 6.00

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