Question

21.The income statement for Pierre Paul Company for the year ended December 31, 2016 is as follows: onoo sw notosane o ntne obo n T0832 idva PIERRE PAUL COMPANY Income Statement For the Year Ended December 31, 2016 Revenues m $53,000 4,000 $57,000 Sales revenue Interest revenue Total revenues Expenses 30,000 18,000 1,500 Cost of goods sold. Salaries and wages expense Interest expense. Total expenses 49,500 $ 7.500 Net income.... Prepare the entries to close the revenue and expense accounts at December 31, 2016. You may omit explanations for the transactions. 22. Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred. Sold 8 motors at a cost of $45 each to Scruffy Brothers Supply Company, terms 4/10, n/30. The motors cost Charlie $26 each. May 13 One defective motor was returned to Charlie. May 16 Received payment in full from Scruffy Brothers. Round to nearest dollar. May 23 Instructions Journalize the May transactions for Charlie Company (seller) assuming that Charlie uses a perpetual inventory system. You may omit explanations. Round amounts to nearest dollar.

Answer 1

21.

Date	Account Title	Debit	Credit
31-Dec	Sales Revenue	$       53,000.00
	Interest Revenue	$         4,000.00
	Income Summary		$    57,000.00
	(To close revenue accounts)
31-Dec	Income Summary	$       49,500.00
	Cost of goods sold		$    30,000.00
	Salaries and Wage expense		$    18,000.00
	Interest Expense		$       1,500.00
	(To close expense accounts)
	Income Summary	$         7,500.00
	Retained Earnings		$       7,500.00
	(To transfer balance to retained earnings)

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