The following list includes selected permanent accounts and all
of the temporary accounts from the December 31, 2018, unadjusted
trial balance of Emiko Co.. Emiko Co. uses a perpetual inventory
system.
Debit | Credit | ||||
Merchandise inventory | $ | 32,500 | |||
Prepaid selling expenses | 6,100 | ||||
Dividends | 38,000 | ||||
Sales | $ | 549,000 | |||
Sales returns and allowances | 18,500 | ||||
Sales discounts | 5,500 | ||||
Cost of goods sold | 222,000 | ||||
Sales salaries expense | 53,000 | ||||
Utilities expense | 17,500 | ||||
Selling expenses | 38,500 | ||||
Administrative expenses | 110,000 | ||||
Additional Information
Accrued sales salaries amount to $1,700. Prepaid selling expenses
of $3,500 have expired. A physical count of year-end merchandise
inventory shows $30,200 of goods still available.
(a) Use the above account balances along with the
additional information, prepare the adjusting entries.
(b) Use the above account balances along with the
additional information, prepare the closing entries.
Adjustment Entries:
1. | 31/12/18 | Sales Salaries expense a/c Dr | 1700 | ||
To Sales salaries payable | 1700 | ||||
2. | 31/12/18 | Selling expenses a/c Dr | 3500 | ||
To Prepaid Selling expenses | 3500 | ||||
3. | 31/12/18 | Cost of Goods sold a/c Dr (32500 - 30200) | 2300 | ||
To Merchandise Inventory a/c | 2300 |
Closing Entries:
1 | 31/12/18 | Sales a/c Dr | 549000 | |
To Income summary a/c | 549000 | |||
2 | 31/12/18 | Income Summary a/c Dr | 472500 | |
Sales returns and allowances | 18,500 | |||
Sales discounts | 5,500 | |||
Cost of goods sold (222000+2300) | 224300 | |||
Sales salaries expense (53000+1700) | 54,700 | |||
Utilities expense | 17,500 | |||
Selling expenses (38500 +3500) | 42,000 | |||
Administrative expenses | 110,000 | |||
3. | 31/12/18 | Income summary a/c Dr | 76500 | |
To Retained Earnings | 76500 | |||
4. | 31/12/18 | Retained Earnings a/c Dr | 38000 | |
To Dividends a/c | 38000 |
The following list includes selected permanent accounts and all of the temporary accounts from the December...
The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory $ 35,000 Prepaid selling expenses 6,600 Dividends 43,000 Sales $ 569,000 Sales returns and allowances 19,500 Sales discounts 6,000 Cost of goods sold 232,000 Sales salaries expense 58,000 Utilities expense 20,000 Selling expenses 41,000 Administrative expenses 115,000 Additional Information Accrued...
The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory $ 30,000 Prepaid selling expenses 5,600 Dividends 33,000 Sales $ 529,000 Sales returns and allowances 17,500 Sales discounts 5,000 Cost of goods sold 212,000 Sales salaries expense 48,000 Utilities expense 15,000 Selling expenses 36,000 Administrative expenses 105,000 Additional Information Accrued...
The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory Prepaid selling expenses Dividends Sales $ 31,000 5,800 35,000 $537,000 Sales returns and allowances 17,900 5,200 216,000 50,000 16,000 37,000 107,000 Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses Additional Information Accrued and...
The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system. Credit Debit $ 33,000 6,200 39,000 $553,000 Merchandise inventory Prepaid selling expenses Dividends Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses 18,700 5,600 224,000 54,000 18,000 39,000 111,000 Additional Information Accrued and...
The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko, Emiko Co. uses a perpetual inventory system. Credit Debit $ 30,000 5,600 33,000 $529,000 Merchandise inventory Prepaid selling expenses Dividends Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses 17,500 5,000 212,000 48,000 15,000 36,000 105,000 Additional Information Accrued and...
my w The following list includes selected permanent accounts and all of the temporary accour from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system. Credit Debit $ 35,500 6,700 44,000 $573,000 Merchandise inventory Prepaid selling expenses Dividends Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses 19,700 6,100 234,000 59,000 20,500 41,500 116,000 Additional Information...
CAEILISE 3 rieparuy dujusuy di LIUS ELIT TUI TEILTIOITUNEI Lurs The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system. Credit Debit $ 38,000 7,200 49,000 $593, 000 Merchandise inventory Prepaid selling expenses K. Emiko, Withdrawals Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses...
please help me with this problem thank you The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system. Credit Debit $ 37,500 7,100 48,000 $589,000 Merchandise inventory Prepaid selling expenses Dividends Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses 20,500 6,500 242,000...
Exercise 4-10 Preparing adjusting and closing entries for a merchandiser LO P3 The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2017, unadjusted trial balance of Emiko Co.. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory $ 34,000 Prepaid selling expenses 6,400 Dividends 41,000 Sales $ 561,000 Sales returns and allowances 19,100 Sales discounts 5,800 Cost of goods sold 228,000 Sales salaries expense 56,000 Utilities expense 19,000 Selling expenses...
Exercise 4-10 Preparing adjusting and closing entries for a merchandiser LO P3 The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2018, unadjusted trial balance of Emiko Co.. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory $ 30,000 Prepaid selling expenses 5,600 Dividends 33,000 Sales $ 529,000 Sales returns and allowances 17,500 Sales discounts 5,000 Cost of goods sold 212,000 Sales salaries expense 48,000 Utilities expense 15,000 Selling expenses...