Date | Accounts titles and Explanation | Debit (in $) | Credit (in $) |
July 31 | Sales | $ 160,000 | |
Income summary | $ 160,000 | ||
(To close the Income statement accounts with Cr. Bal. ) | |||
July 31 | Income summary - Bal. Fig. | $ 164,300 | |
Sales returns and allowances | $ 6,400 | ||
Sales discount | $ 3,000 | ||
Cost of goods sold ( $ 105,300 + ( $ 38,300 (-) $ 37,100 ) |
$ 106,500 | ||
Depreciation expense | $ 10,400 | ||
Salaries expense | $ 33,000 | ||
Miscellaneous expenses | $ 5,000 | ||
(To close the Income statement accounts with Dr. Bal. ) |
VIUNON-ps%253A%252F%252Fkei... HW Saved Help Save & Ch ! Required information [The following information applies to the...
Help Save & Exit Submit O Required information The following information applies to the questions displayed below! Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise inventory T. Nix, Capital T. Nix, withdrawals Sales Sales discounts $ 37,800 Sales returns and allowances 115,300 Cost of goods sold 7,000 Depreciation expense 160,200 Salaries expense 4,700 Miscellaneous expenses $ 6,500 105,000 10,300 32,580 5,000 A physical...
Required information Use the following information for the Quick Study below. The following information applies to the questions displayed below) Nxt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nixit uses the perpetual inventory system) Merchandise inventory Dividende $ 40,00 120,100 7,000 15,200 3.400 Sales return and allowances Coot of goods sold Depreciation expense salaries expense Miscellaneous expenses 6,000 106,500 10.800 35,000 5.000 Sales discount A physical count of its July...
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). Merchandise inventory $ 42,300 Sales returns and allowances $ 5,600 Retained earnings 124,300 Cost of goods sold 107,700 Dividends 7,000 Depreciation expense 11,200 Sales 159,100 Salaries expense 37,000 Sales discounts 3,800 Miscellaneous expenses 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $40,700. Prepare...
Required information Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system) Merchandise inventory Retained earnings Dividends Sales Sales discounts $39,300 Sales returns and allowances $ 6,200 105,900 10,600 34,000 5,000 118,300 Cost of goods sold 7,000 Depreciation expense 159, 600 Salaries expense 3,200 Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000, Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000: Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering...
Saved Help Save & Exit Check Required information [The following information applies to the questions displayed below.] The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 17,...
me Saved Help Save The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances: Credits Debits $ 4,000 9,000 3,000 26,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,000 4,000 5,000 0 18,000 9,000 $ 42,000 $42,000 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $15,000, and on account, $60,000. 2....
Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.) Nix'it Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'it uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 37,800 115,300 7,000 160,200 4,700 Sales returns and allowancea Coat of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,500 105,000 10,300 32,500 5,000 A physical...
Can someone please help me with this, I am stuck Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). Merchandise inventory $ 38,300 Sales returns and allowances $ 6,400 Retained earnings 116,300 Cost of goods sold 105,300 Dividends 7,000 Depreciation expense 10,400 Sales 160,000 Salaries expense 33,000 Sales discounts 3,000 Miscellaneous expenses 5,000 A physical count of its July 31 year-end inventory discloses...
Required information The following information applies to the questions displayed below) The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances. Accounts Debito Credits Cash $ 3,950 Accounts Receivable 8.950 Supplies 2.950 Equipment 25,000 Accumulated Depreciation $ 5,800 Accounts Payable 3,800 Utilities Payable 4,800 Deferred Revenue 0 Common Stock 17,500 Retained Earnings 8,950 Totals $40,850 $40,850 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash,...