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Date Submitted: 03/25/2011 08:19 AM
Guitar Universe: Final Exam | | | | | | | | | | | | | | |
Comprehensive Problem. #2 | | | | | | | | | | | | | | |
Adjusting Entries (show computations). | DR. | Cr. | | | | | | | | | | | | |
Bank Service Charges | 25 | | | | | | | | | | | | | |
Accounts Recievable | 2,500 | | | | | | | | | | | | | |
Cash | | 2,525 | | | | | | | | | | | | |
To record NSF and bank service charge for dec. | | | | | | | | | | | | | | |
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Marketable Securities | 2,500 | | | | | | | | | | | | | |
Unrealized holding gain on investment | | 2,500 | | | | | | | | | | | | |
To adjust the balance sheet valuation of marketable | | | | | | | | | | | | | | |
securities from 25,000 to 27,500 | | | | | | | | | | | | | | |
27,500-25,000 | | | | | | | | | | | | | | |
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Uncollectable Accounts Expense | 3,500 | | | | | | | | | | | | | |
Allowance for Doubtful Account | | 3,500 | | | | | | | | | | | | |
To write off the account receivable | | | | | | | | | | | | | | |
8,500-5000 change in allowance for doubtful accnt | | | | | | | | | | | | | | |
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Cost of Goods Sold Account | 1350 | | | | | | | | | | | | | |
Inventory | | 1350 | | | | | | | | | | | | |
To record the entry on the loss of several guitars | | | | | | | | | | | | | | |
non material loss | | | | | | | | | | | | | | |
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Office Supplies Expense | 300 | | | | | | | | | | | | | |
Office Supplies | | 300 | |...