Homework Answers
| Answer | ||
| Closing entries | ||
| General Journal | debit | Credit |
| Sales revenue | $173,960 | |
| Purchase return and allowance | $ 59,100 | |
| Inventory (ending) | $ 23,026 | |
| Income summary | $256,086 | |
| (To close credit balances) | ||
| Income summary | $174,122 | |
| Sales discount | $ 1,810 | |
| Purchase | $119,130 | |
| Inventory (Beginning) | $ 53,182 | |
| (To close debit balances) | ||
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Brief Exercise 5-14 A. Hall Company has the following merchandise account balances: Sales Revenue $173,960, Sales...
Thank you. thumbs up! Exercise 5-07 a-b Juan Morales Company had the following account balances at...
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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...
Thank you. thumbs up! Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts...
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Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary. (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 amounts.) Account Titles and Explanation Debit Credit (To dose accounts with...
Exercise 5-7 Juan Morales Company had the following account balances at year-end: Cost of Goods Sold...
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,...
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 5-7 Juan Morales Company had the following account balances at year-end: Cost of Goods Sold...
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...
Thank you. thumbs up! Exercise 5-08 a-b Presented below is information related to Garland Co. for...
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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...
Exercise 3-16 Presented below are selected account balances for Sunland Co. as of December 31, 2017....
Exercise 3-16 Presented below are selected account balances for Sunland Co. as of December 31, 2017. Inventory 12/31/17 $59,030 Cost of Goods Sold $224,679 Common Stock 76,110 Selling Expenses 16,230 Retained Earings 45,580 Administrative Expenses 38,719 Dividends 18,337 Income Tax Expense 30,480 Sales Returns and Allowances 11,914 Sales Discounts 15,020 Sales Revenue 417,650 Prepare dosing entries for Sunland Co. on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. entry is required...
Shamrock has year-end account balances of Sales Revenue $836,833, Interest Revenue $14.000, Cost of Goods Sold...
Shamrock has year-end account balances of Sales Revenue $836,833, Interest Revenue $14.000, Cost of Goods Sold $591,437, Administrative Expenses $206,230, Income Tax Expense $33,947, and Dividends $20,623. 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 amounts.) No. Account Titles and Explanation Debit Credit 1. (To close revenue accounts.) 2. (To close expense...
please help with journalizing Presented below are selected account balances for Bonita Co. as of December...
please help with journalizing
Presented below are selected account balances for Bonita Co. as of December 31, 2020. Inventory 12/31/20 $61,120 Cost of Goods Sold $228,331 Common Stock 74,240 Selling Expenses 16,210 Retained Earnings 45,290 Administrative Expenses 37,930 Dividends 17,945 Income Tax Expense 30,410 Sales Returns and Allowances 12,050 Sales Discounts 14,730 Sales Revenue 405,490 Prepare closing entries for Bonita Co. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent No. Account...
Exercise 3-16 Presented below are selected account balances for Bridgeport Co. as of December 31, 2017. Inventory 12/...
Exercise 3-16
Presented below are selected account balances for Bridgeport Co.
as of December 31, 2017.
Inventory 12/31/17
$59,060
Cost of Goods Sold
$223,940
Common Stock
73,580
Selling Expenses
16,304
Retained Earnings
45,560
Administrative Expenses
38,711
Dividends
17,785
Income Tax Expense
29,530
Sales Returns and Allowances
11,768
Sales Discounts
15,210
Sales Revenue
403,540
Prepare closing entries for Bridgeport Co. on December 31, 2017.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry...
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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...
Thank you. thumbs up!
Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary. (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 amounts.) Account Titles and Explanation Debit Credit (To dose accounts with...
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 5-7 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...
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...
Exercise 3-16 Presented below are selected account balances for Sunland Co. as of December 31, 2017. Inventory 12/31/17 $59,030 Cost of Goods Sold $224,679 Common Stock 76,110 Selling Expenses 16,230 Retained Earings 45,580 Administrative Expenses 38,719 Dividends 18,337 Income Tax Expense 30,480 Sales Returns and Allowances 11,914 Sales Discounts 15,020 Sales Revenue 417,650 Prepare dosing entries for Sunland Co. on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. entry is required...
Shamrock has year-end account balances of Sales Revenue $836,833, Interest Revenue $14.000, Cost of Goods Sold $591,437, Administrative Expenses $206,230, Income Tax Expense $33,947, and Dividends $20,623. 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 amounts.) No. Account Titles and Explanation Debit Credit 1. (To close revenue accounts.) 2. (To close expense...
please help with journalizing
Presented below are selected account balances for Bonita Co. as of December 31, 2020. Inventory 12/31/20 $61,120 Cost of Goods Sold $228,331 Common Stock 74,240 Selling Expenses 16,210 Retained Earnings 45,290 Administrative Expenses 37,930 Dividends 17,945 Income Tax Expense 30,410 Sales Returns and Allowances 12,050 Sales Discounts 14,730 Sales Revenue 405,490 Prepare closing entries for Bonita Co. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent No. Account...
Exercise 3-16
Presented below are selected account balances for Bridgeport Co.
as of December 31, 2017.
Inventory 12/31/17
$59,060
Cost of Goods Sold
$223,940
Common Stock
73,580
Selling Expenses
16,304
Retained Earnings
45,560
Administrative Expenses
38,711
Dividends
17,785
Income Tax Expense
29,530
Sales Returns and Allowances
11,768
Sales Discounts
15,210
Sales Revenue
403,540
Prepare closing entries for Bridgeport Co. on December 31, 2017.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry...
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