The ledger of blossom company on march 31 of the current year includes the selected accounts below before adjusting entries have been prepared. debit credit supplies $7,800 prepaid insurance 9,360 equipment 65,000 accumulated depreciation—equipment $21,840 notes payable 52,000 unearned rent revenue 32,240 rent revenue 156,000 interest expense 0 salaries and wages expense 36,400 an analysis of the accounts shows the following. 1. the equipment depreciates $728 per month. 2. half of the unearned rent revenue was earned during the quarter. 3. interest of $1,040 is accrued on the notes payable. 4. supplies on hand total $2,210. 5. insurance expires at the rate of $1,040 per month. prepare the adjusting entries at march 31, assuming that adjusting entries are made quarterly. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)

Exercise 8-6 goods in transit [lo8-2] the kwok company's inventory balance on december 31, 2016, was $190,000 (based on a 12/31/16 physical count) before considering the following transactions: 1. goods shipped to kwok f.o.b. destination on december 20, 2016, were received on january 4, 2017. the invoice cost was $35,000. 2. goods shipped to kwok f.o.b. shipping point on december 28, 2016, were received on january 5, 2017. the invoice cost was $22,000. 3. goods shipped from kwok to a customer f.o.b. destination on december 27, 2016, were received by the customer on january 3, 2017. the sales price was $45,000 and the merchandise cost $27,000. 4. goods shipped from kwok to a customer f.o.b. destination on december 26, 2016, were received by the customer on december 30, 2016. the sales price was $25,000 and the merchandise cost $18,000. 5. goods shipped from kwok to a customer f.o.b. shipping point on december 28, 2016, were received by the customer on january 4, 2017. the sales price was $30,000 and the merchandise cost $17,000. required: determine the correct inventory amount to be reported in kwok's 2016 balance sheet.

Diamond motor car company produces some of the most luxurious and expensive cars in the world. typically, only a single dealership is authorized to sell its cars in certain major cities. in less populous areas, diamond authorizes a single dealer for an entire state or region. the manufacturer of diamond automobiles is using a(n) distribution strategy for its product.

The cost of direct labor used in production is recorded as a? a. credit to work-in-process inventory account. b. credit to wages payable. c. credit to manufacturing overhead account. d. credit to wages expense.