Question

4. After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger: $ 40,000 54,500 Accounts payable Accounts receivable Accumulated depreciation Capital stock Cash Depreciation expense 83,325 50,000 7,150 23,500 Insurance expense Prepaid insurance Rent expense Retained earnings Salaries expense Salaries payable Service revenue $8,600 5,275 21,400 50,950 66,000 150 151,000 Dividends Equipment 28,000 155,000 Supplies Supplies expense 2,500 3,500 Journalize the entries to close the appropriate accounts.

do not answer question 4 please

do quetion 5 instead

Answer 1

	JOURNAL ENTRIES UNDER PERPETUAL INVENTORY SYSTEM
					$	$
a)	Cash A/c.      Dr.				10000
	To Sales A/c.					10000
	Cost of Goods Sold A/c.         Dr.				4500
	To Inventory A/c.					4500
b)	Account Receivables A/c.      Dr.				8500
	To Sales A/c.					8500
	Cost of Goods Sold A/c.         Dr.				4100
	To Inventory A/c.					4100
c)	Account Receivables A/c.      Dr.				3500
	To Sales A/c.					3500
	Cost of Goods Sold A/c.         Dr.				1600
	To Inventory A/c.					1600
d)	Inventory                                   Dr.				255
	To Cash A/c.					255
e)	Bank A/c.                                    Dr.				3150*
	Inventory     A/c.                                Dr.				175
	To Account Receivable A/c.					3325
	*3325-175=3150