219.Selected accounts and amounts appear below. Journalize the closing entry, assuming a perpetual inventory system.
Merchandise Inventory$ 45,500
Cost of Merchandise Sold652,500
220.The records of Penny Co. indicated that $415,000 of merchandise should be on hand on December 31. Thephysical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for theinventory shrinkage for the year ended December 31.
Journal
Date
Description
Post.Ref.
Debit
Credit
221.Based upon the following data for a business with a periodic inventory system, determine the cost of merchandisesold for August.
Merchandise inventory, August 1$ 75,560
Merchandise inventory, August 3196,330
Purchases373,880
Purchases returns & allowances14,760
Purchases discounts10,900
Freight in4,135
Match each of the following items (a–h) with the appropriate definition below.
a.Freight
b.Delivery Expense
c.Merchandise Inventory
d.Sales discount
e.Purchase Returns and Allowances
f.Debit memo
g.Purchase discount
h.Trade discount