Answer:
Madison Company's Journal entry
Dec. 31
Dr Cost of Merchandise Sold 93,400
($875,300-$781,900)
Cr Merchandise Inventory 93,400
Explanation:
If the perpetual inventory records $875,300 of merchandise while the physical inventory indicates $781,900 which means we have to deduct $781,900 from $875,300 which made us to arrived at $93,400 as Debited Cost of Merchandise Sold and as Credited Merchandise Inventory .
Explanation:
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Answer:
$16400
$8200
Explanation:
Depreciation expense using the double declining method = Depreciation factor x cost of the asset
Depreciation factor = 2 x (1/useful life)
Depreciation factor = 2/4 = 0.5
Depreciation expense in year 1 = 0.5 x $32,800 = $16,400
Book value at the beginning of year 2 = $32,800 - $16,400 = $16400
Depreciation expense in year 2 = 0.5 x $16,400= $8200
