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3 years ago

Adjusting entries.

Business

1 answer:

Dafna11 [192]3 years ago

3 0

Answer:

Inventory $7,350 (debit)

Trading Account - 2012 $7,350 (credit)

Inventory $22,150 (debit)

Trade Payable $22,150 (credit)

Write down of Inventory $20,690 (debit)

Inventory $20,690 (credit)

Note Receivable $20,000 (debit)

Bank $20,000 (credit)

Rent Prepaid $12,000 (debit)

Bank $12,000 (credit)

Explanation:

Being Inventory on hand at begining of the year

Being Inventory supplies acquired.

Being inventory written down after physical count.

Inventory = $7,350 + $22,150 - $8,810 = $20,690

Being Note received from a customer

Being Rent for 1 year received in advance

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