On December 31, 2019, the balances of selected accounts appearing in the ledger of Supreme Interiors...
On December 31, 2019, the balances of selected accounts appearing in the
ledger of Supreme Interiors Company, a furniture wholesaler, are as follows:
Administrative Expenses
$ 105,000
Building
512,500
Cash
48,500
Cost of Goods Sold
750,000
Gain on disposal of Capital Asset
5,000
Interest Expense
7,500
Paul Pear, Capital
568,580
Paul Pear, Withdrawals
25,000
Inventory
130,000
Notes Payable
25,000
Office Supplies
10,600
Salaries Payable
3,220
Sales
1,300,000
Sales Discounts
25,000
Sales Returns and Allowances
60,000
Selling Expenses
195,000
Store Supplies
7,700
Homework Answers
Ans:
|
Date |
account and explanation |
Debit |
Credit |
|
July 31 |
Sales |
1,300,000 |
|
|
Income summary |
1,300,000 |
||
|
(To close revenue) |
|||
|
July 31 |
Income summary |
1,065,200 |
|
|
Administrative expense |
105000 |
||
|
Cost of merchandise sold |
750000 |
||
|
Interest expense |
7500 |
||
|
Selling expense |
195000 |
||
|
Store supplies expense |
7700 |
||
|
(To close expense) |
|||
|
July 31 |
Income summary(1300,000-1065,200) |
234,800 |
|
|
Paul Pear' Capital |
234,800 |
||
|
(To close income summary) |
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