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Old Thursday, April 18, 2019
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Default Css 2018

Can someone explain what the adjusting entry of the highlighted part would be?

TIA

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Old Friday, April 19, 2019
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Default answer

Hope this helps, there's one catch, the income summary. the question doesn't requires it, but again the person on the other end of the paper might deduct marks.

[IMG] [/IMG]
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Old Thursday, November 07, 2019
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Exclamation Issue Store Supplies Entry

I think the entry for Store supplies should be

Supplies Exp(Dr) 3500

Store Supplies(Cr) 3500

as you are making adjusted trail balance with figure 1500
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Old Thursday, November 07, 2019
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Default Closing Stock Inventory Adjustment

Don't you think
Closing Stock Inventory Adjustment would be like this.
How can we create a summery account.

Closing Stock Adjustment

Purchases(CR) 95000
Opening Merchandise Inv(CR) 45000
Purchases Ret(DR) 6500
CGS(DR) 98500
Closing Merchandise Inv(DR) 35000
Total 140000 140000
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