Date | Account titles and explanation | Debit | Credit |
Jan 31 | Revenue | $366,500 | |
Income Summary | $366,500 | ||
(To close revenue accounts) | |||
Jan 31 | Income Summary | $348,960 | |
Sales discounts | $7,560 | ||
Sales returns and allowances | $13,720 | ||
Cost of goods sold | $222,460 | ||
Salaries and wages expense | $65,030 | ||
Delivery expense | $7,290 | ||
Insurance | $11,760 | ||
Rent Expense | $21,140 | ||
(To close expenses account) | |||
Jan 31 | Income Summary | $17,540 | |
Retained Earnings | $17,540 | ||
(To close net income) |
View Policies Current Attempt in Progress Presented below is information related to Vaughn Corporation for the...
Presented below is information related to Crane Corporation for
the month of January 2020.
Cost of goods sold
$207,000
Salaries and wages expense
$65,660
Delivery expense
7,550
Sales discounts
8,330
Insurance expense
12,410
Sales returns and allowances
14,230
Rent expense
18,260
Sales revenue
356,900
Prepare the necessary closing entries. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the...
Presented below is information related to Blue Corporation for
the month of January 2020.
Cost of goods sold
$208,700
Salaries and wages expense
$55,050
Delivery expense
6,400
Sales discounts
8,470
Insurance expense
12,400
Sales returns and allowances
12,180
Rent expense
20,510
Sales revenue
355,100
Prepare the necessary closing entries. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the...
Question 2 Presented below is information related to Cullumber Company, owned by D. Flamont, for the month of January 2017. Ending inventory per perpetual records $21,500 Insurance expense Ending inventory actually on hand 19,000 Rent expense Cost of goods sold 206,000 Salaries expense Freight out 8,000 Sales discounts Sales returns and allowances Sales $11,300 19,200 56,200 9,400 13,100 386,000 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent...
Question 3 View Policies Current Attempt in Progress Presented below are transactions related to Coronado, Inc. May 10 Purchased goods billed at $16,400 subject to cash discount terms of 2/10./60. 11 Purchased goods billed at $15,500 subject to terms of 1/15,1/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $10,600 subject to cash discount terms of 2/10,n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts...
Question 12 --/1 View Policies Current Attempt in Progress Presented below is information from Indigo Computers Incorporated. July 1 Sold $16,800 of computers to Robertson Company with terms 3/15, n/60. Indigo uses the gross method to record cash discounts. Indigo estimates allowances of $1,092 will be honored on these sales. 10 Indigo received payment from Robertson for the full amount owed from the July transactions. 17 Sold $168,000 in computers and peripherals to The Clark Store with terms of 2/10,...
Question 2 View Policies Current Attempt in Progress Vaughn Co. uses the gross method to record sales made on credit. On July 1, 2020, it made sales of 60,000 with terms 2/10 1/30. On July 9, 2020, Vaughn received full payment for the July 1 sale. Prepare the required journal entries for Vaughn Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit List of Accounts
Policies Current Attempt in Progress Weekly Presented below is information related to Sheridan Company, owned by D. Flamont, for the month of January 2021. Ending inventory per perpetual records$22,600 Insurance expense$12,300 Ending inventory actually on hand18,300Rent expense20,200Cost of goods sold209,000Salaries expense54,500Freight out7,300Sales discounts10,400Sales returns and allowances12,600Sales379,000Prepare the necessary adjusting entry for inventory. (Credit acount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for...
-r Practice Question 47 of 52 -/1 View Policies Current Attempt in Progress Crane Consulting has year-end account balances of Sales Revenue $540,400, Interest Revenue $2,400, Salary and Wages Expense $244,400, Rent Expense $130,000, Administrative Expense $63,300, Income Tax Expense $32,800, and Dividends $35,200. Prepare the year-end closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the...
Question 6 of 6 < - / 10 III View Policies Current Attempt in Progress Sandhill Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $155,400 Allowance for Doubtful Accounts $3.790 Sales Revenue (all on credit) 819,100 Sales Returns and Allowances 54.900 Prepare the journal entry to record bed debt expense assuming Sandhill Company estimates bad debts at (a) 5% of accounts receivable and (b) 5% of accounts receivable but Allowance for Doubtful Accounts had a $1,630...
Presented below is information related to Novak Industries for the month of January 2020. €25,100 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 €11,650 21,740 58,420 11,130 15.000 419,730 24,500 222,060 6,760 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...