Journal entry
Date | account and explanation | debit | Credit |
Cost of goods sold (25400-24790) | 610 | ||
Inventory | 610 | ||
(To record adjusting entry) |
Closing entries
Date | account and explanation | debit | Credit |
Sales revenue | 413360 | ||
Income summary | 413360 | ||
(To close accounts with credit balance) | |||
Income summary | 340100 | ||
Cost of goods sold | 212270 | ||
Freight out | 6770 | ||
Sales discount | 12460 | ||
Sales return and allowance | 14630 | ||
Insurance expense | 11560 | ||
Rent expense | 24500 | ||
Salaries and wages expense | 57910 | ||
(To close accounts with debit balances) | |||
Income summary | 73260 | ||
Retained earnings | 73260 | ||
(To close net income (loss) | |||
Exercise 5-8 Presented below is information related to Hurley Co. for the month of January 2012 $ 11,560 24,500 57,910...
Exercise 5-8 Presented below is information related to Garland Co. for the month of January 2019. $21,600 Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out 21,000 218,000 7,000 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 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not i account titles and...
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...
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 5A-8 Presented below is information related to Swifty Co. for the month of January 2017. Beginning inventory Ending inventory Purchases Freight-in Purchase discounts Purchase returns and allowances $28,000 25,000 222,000 6,000 6,000 10,000 Insurance expense Rent expense Salaries and wages expense Sales returns and allowances Sales revenue $13,000 20,000 52,000 14,000 413,000 Prepare the necessary closing entries. (Credit account titles are automatically indented when the amount is not indent manually. If no entry is required, select "No entry for...
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...
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...
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...
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...
Thank you. thumbs up! 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...
Brief Exercise 5-14 A. Hall Company has the following merchandise account balances: Sales Revenue $173,960, Sales Discounts $1,810, Purchases $119,130, and Purchases Returns and Allowances $59,100. In addition, it has a beginning inventory of $53,182 and an ending inventory of $23,026. Prepare the entries to record the closing of these items to Income Summary using the periodic inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To...