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Question: South Company uses a periodic inventory system. At the end of 2015 the accounting records Include…
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Show transcribed image text South Company uses a periodic inventory system. At the end of 2015 the accounting records Include the following information. Compute South Company's 2015 COGS _____ Compute South company's 2015 Gross Profit _____ Galaxy Entertainment prepares monthly financial statements. On July 31, the accountant made adjusting entries to record: (A) Depreciation for the month of July. (B) The portion of prepaid rent for outdoor stage and seating which had expired in July. (C) Earning of ticket revenue for July which had been subscribed in advance. (When patrons purchase the Summer Jazz Series tickets in advance, the accountant credits Unearned Ticket Revenue.) (D) Amount owed to Galaxy from the caterer who sold food and beverages during the July performances. The amount due will be paid to the company on August 8. (E) Amount owed to the musicians which had accrued since the last pay day in July. Indicate the effect of each of these adjusting entries on the major elements of the company's financial statements-that is, on revenue, expenses, net income, assets, liabilities, and owners' equity. Organize your answer in tabular form, using the column headings shown below and the symbols + for increase, -for decrease, and NE for no effect.

South Company uses a periodic inventory system. At the end of 2015 the accounting records Include the following information. Compute South Company's 2015 COGS _____ Compute South company's 2015 Gross Profit _____ Galaxy Entertainment prepares monthly financial statements. On July 31, the accountant made adjusting entries to record: (A) Depreciation for the month of July. (B) The portion of prepaid rent for outdoor stage and seating which had expired in July. (C) Earning of ticket revenue for July which had been subscribed in advance. (When patrons purchase the Summer Jazz Series tickets in advance, the accountant credits Unearned Ticket Revenue.) (D) Amount owed to Galaxy from the caterer who sold food and beverages during the July performances. The amount due will be paid to the company on August 8. (E) Amount owed to the musicians which had accrued since the last pay day in July. Indicate the effect of each of these adjusting entries on the major elements of the company's financial statements-that is, on revenue, expenses, net income, assets, liabilities, and owners' equity. Organize your answer in tabular form, using the column headings shown below and the symbols + for increase, -for decrease, and NE for no effect.

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