Account Titles and Explanation | Debit | Credit |
Sales revenue | $195,000 | |
Income summary | $195,000 | |
( To close accounts with credit balances) | ||
Income summary | $119,000 | |
Sales discount | $2,000 | |
Cost of goods sold | $117,000 | |
( To close accounts with debit balances) |
Arndt Company | ||
Income Statement (Partial) | ||
Sales: | ||
Total Sales | 380,000 | |
Less: | ||
Sales discount | 5,000 | |
Sales returns and allowances | 11,000 | |
-16,000 | ||
Net Sales | $364,000 |
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Thank you. thumbs up! Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts...
Thank you. thumbs up! Exercise 5-07 a-b Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000; Inventory $15,000; Operating Expenses $29,000; Sales Revenue $115,000; Sales Discounts $1,200; and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $13,900. Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
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Thank you. thumbs up! Exercise 5-08 a-b Presented below is information related to Garland Co. for the month of January 2020. $21,600 Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $12,000 20,000 55,000 10,000 13,000 380,000 21,000 218,000 7,000 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do...
Thank you. thumbs up! Exercise 5-06 a-b The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2020: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000. Prepare the sales section of the income statement. Tsai Company Income Statement (Partial) Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue. (Credit account titles are automatically indented...
Exercise 5-7 Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $63,970, Inventory $15,740, Operating Expenses $31,040, Sales Revenue $125,200, Sales Discounts $1,250, and Sales Returns and Allowances $1,670. A physical count of inventory determines that merchandise inventory on hand is $12,430. Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit IT SHOW...
Martinez Creations had the following account balances at year-end: Cost of Goods Sold #64,510, Inventory t14,670, Operating Expenses t32,540, Sales Revenue t126,070, Sales Discounts t1,050, and Sales Returns and Allowances t1,970. A physical count of inventory determines that merchandise inventory on hand is t12,600. Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Exercise 5-8 Presented below is information related to Hurley Co. for the month of January 2012 $ 11,560 24,500 57,910 Ending inventory per perpetual records Insurance expense $ 25,400 Rent expense Ending inventory actually Salaries and wages expense on hand Sales discounts 24,790 12,460 Cost of goods sold Freight-out Sales returns and allowances 211,660 14,630 6,770 413,360 Sales revenue (a) Prepare the necessary adjusting entry for inventory. (Credit account titles are autom Account Titles and Explanation Debit Credit (b) Prepare...
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Exercise 5-7 Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $63,970, Inventory $15,740, Operating Expenses $31,040, Sales Revenue $125,200, Sales Discounts $1,250, and Sales Returns and Allowances $1,670. A physical count of Inventory determines that merchandise inventory on hand is $12,430. Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) A nt Titles Esplanation SHOW LIST OF...