The following list includes selected permanent accounts and all of the temporary accounts from the December...

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The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted tri

business accounting

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Answer 1

Answer #1

a) Adjusting entry

No	General Journal	Debit	Credit
1	Sales salaries expense	1800
	Sales salaries payable		1800

2	Selling expense	3600
	Prepaid selling expense		3600

3	Cost of goods sold (33000-30500)	2500
	Merchandise inventory		2500

b) Closing entry

No	General journal	Debit	Credit
1	Sales revenue	553000
	Income summary		553000
	(To close revenue)

2	Income summary	478200
	Sales return and allowance		18700
	Sales discount		5600
	Cost of goods sold (224000+2500)		226500
	Sales salaries expense (54000+1800)		55800
	Utilities expense		18000
	Selling expense (39000+3600)		42600
	Administrative expense		111000
	(To close expense)

3	Income summary	74800
	Retained earnings		74800
	(To close net income)

4	Retained earnings	39000
	Dividend		39000
	(To close dividend)

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Answer 2

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