3. Taitung Company adopts the periodie inventory system, and the balance of the items related to the adjusted trial balance on December 31, 20XI is as follows. After checking inventory, it is known that the commodity inventory at the end of December 31 is $57,000. Please prepare the closing entry on December 31. (20% Date, accounting item name, amount should be properly written. No score will be given for any mistake.) $4,200 Purchase S132,000 Interest Expense Purchase Retums and Allowances 12,000 Income Tax 7,500 Inventories (Beginning) 50,400 Sales Revenue 246,000 Sales Expense 33,000 63,000 Interest Revenue Administrative Expense 45,000

3. Taitung Company adopts the periodie inventory system, and the balance of the items related to the adjusted trial balance on December 31, 20XI is as follows. After checking inventory, it is known that the commodity inventory at the end of December 31 is $57,000. Please prepare the closing entry on December 31. (20% Date, accounting item name, amount should be properly written. No score will be given for any mistake.) $4,200 Purchase S132,000 Interest Expense Purchase Retums and Allowances 12,000 Income Tax 7,500 Inventories (Beginning) 50,400 Sales Revenue 246,000 Sales Expense 33,000 63,000 Interest Revenue Administrative Expense 45,000

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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