Presented below are selected account balances for Concord Co. as of December 31, 2020. Inventory 12/31/20...
Presented below are selected account balances for Concord Co. as
of December 31, 2020.
|
Inventory 12/31/20 |
$60,660 |
Cost of Goods Sold |
$227,058 | |||
|---|---|---|---|---|---|---|
|
Common Stock |
75,720 |
Selling Expenses |
16,087 | |||
|
Retained Earnings |
45,610 |
Administrative Expenses |
37,371 | |||
|
Dividends |
18,034 |
Income Tax Expense |
29,590 | |||
|
Sales Returns and Allowances |
12,086 | |||||
|
Sales Discounts |
15,190 | |||||
|
Sales Revenue |
408,370 |
Prepare closing entries for Concord Co. on December 31, 2020.
Homework Answers
| Dec 31,2020 | Sales Revenue | 408370 | |
| Income Summary | 408370 | ||
| (To close revenues to income summary) | |||
| Dec 31,2020 | Income Summary | 337382 | |
| Sales Returns and Allowances | 12086 | ||
| Sales Discounts | 15190 | ||
| Cost of goods sold | 227058 | ||
| Selling expenses | 16087 | ||
| Administrative Expenses | 37371 | ||
| Income Tax Expense | 29590 | ||
| (To close expenses to income summary) | |||
| Dec 31,2020 | Income Summary (408370 - 337382) | 70988 | |
| Retained earnings | 70988 | ||
| (To close income summary to Retained Earnings) | |||
| Dec 31,2020 | Retained Earnings | 18034 | |
| Dividends | 18034 | ||
| (To close dividends to retained earnings) |
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Presented below are selected account balances for Concord Co. as
of December 31, 2020.
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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
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Retained Earnings
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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...
ACC 610: E 3-16 (closing entries for a corporation) Presented below are selected account balances for...
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Presented below are selected account balances for Rolling Yarn Co. as of December 31, 20X1. Prepaid...
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Presented below are selected account balances for Headland Co. as of December 31, 2017 Inventory 12/31/17 Common Stock Retained Earnings Dividends Sales Returns and Allowances Sales Discounts Sales Revenue $60,050Cost of Goods Sold 74,370 Selling Expenses 45,010 Administrative Expenses 17,920 Income Tax Expense 12,116 14,740 $229,610 15,940 37,625 29,930 410,200 Prepare de s ng entries for Headr Ca on Dece ยท20 1 Credit account titles are automatically an ented when amount es entered. Do not indent mana all. If no...
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...
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...
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