The assignment is Problem 3.27 found in Scan 13276001.pdf.
My attempt to answer a, b, and c are in Assignment 2.xlsx.
Please provide adjusting journal entries and rationale so I can try to understand why after the fact.
Thank you.
114
114
382
382
11621
11621
6210
6210
a. Debit Cleaning and Office Supplies Expense (income statement)
Credit Account Payable (current liability)
– to record amounts owing at year-end for cleaning and office supplies
Debit Cleaning and Office Supplies Inventory (current asset)
– to reclassify cleaning and office supplies on hand at year-end
DB
CR
Credit Cleaning and Office Supplies Expense (income statement)
b. Debit Account Receivable (current asset)
Credit Owner Equity
– to record amounts still owing from customers at the end of the year
c. Debit Inventory (current asset)
Credit Raw Goods (expense)
– to record raw goods that are still on hand at the end of the year
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