chapter 12 group activity Key.doc

chapter 12 group activity Key.doc - 1. adjustment.$73,000,...

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chapter 12 practice activity  Key   1. Determine the account and amount to be debited and the account and amount to be credited for the following  adjustment. The beginning inventory for a merchandising business was $73,000, and the ending inventory is  $66,000.    First entry: Debit Income Summary, $73,000; credit Merchandise Inventory, $73,000 Second entry: Debit Merchandise Inventory, $66,000; credit Income Summary, $66,000   Learning Objective: 1 Level: Medium Price - 012 Accruals... #56 Section: 1   2. Determine the account and amount to be debited and the account and amount to be credited for the following  adjustment. During the year, the firm had net credit sales of $490,000. Past experience shows that 1.2 percent of the firm's net credit sales result in uncollectible accounts.    Debit Uncollectible Accounts Expense, $5,880; credit Allowance for Doubtful Accounts, $5,880   Learning Objective: 2
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