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Adjusting journal entries for a merchandising business

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Question - Adjusting Journal Entries for a Merchandising Business

Based on the information given below, record the necessary journal entries for Charlene's Dress Boutique in the general journal below. All entries will be dated June 30, 20xx. Do not include explanations.

1. Merchandise inventory had a balance of $54,000 on June 30. A physical inventory showed an inventory of $50,000 on June 30.

2. Counted the supplies at the end of the month and found $550 worth on hand. The Supplies account has a debit balance of $990 before the adjustment.

3. Salaries for June 27 and 28 have not been paid yet; salaries are $2,000 for a five-day week.

4. The Prepaid Insurance account has a debit balance of $900. This was for three months' insurance and was purchased at the beginning of May.

5. The depreciation expense on Store Equipment is $1,100 for the month.

6. Sold 500 tickets at $30 each for two fashion shows, receiving $15,000. An end-of-period adjustment needs to be made to recognize that one fashion show has been held and revenue earned.

Reference no: EM132557141

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