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* 59% My Messages Denvery expense Insurance expense 7,000 Sales discounts 8,000 12,000 Sales returns and allowances 13,000 Rent expense 20,000 Sales revenue 350,000 Instructions Prepare the necessary closing entries. E3.15 (LO 5) (Missing Amounts) Presented below is financial information for two different companies. Alatorre Company Eduardo Company Sales revenue $90,000 (d) $ 5,000 Sales returns and allowances (a) Net sales 81,000 95,000 Cost of goods sold Gross profit Operating expenses 56,000 (e) (b) 38,000 15,000 23,000 (c) Net income 15,000 Instructions Compute the missing amounts. E3.16 (LO 4) (Closing Entries for a Corporation) for Homer Winslow Co. as of December 31, 2020. Presented below are selected account balances Cost of Goods Sold $225,700 $ 60,000 Inventory 12/31/20 Selling Expenses Administrative Expenses Income Tax Expense 16,000 75,000 Common Stock 38,000 Retained Earnings Dividends 45,000 30,000 18,000 12,000 Sales Returns and Allowances 15,000 Sales Discounts 410,000 Sales Revenue Instructions Prepare closing entries for Homer Winslow Co. on December 31, 2020. (Omit explanations.) E3.17 (LO 2) (Transactions of a Corporation, Including Investment and Dividend) Scratch Miniature Golf and Driving Range Inc. was opened on March 1 by Rick Fowler. The following selected events and transactions occurred during March. Invested $50,000 cash in the business in exchange for common stock. Purchased Michelle Wie's Golf Land for $38,000 cash. The price consists of land Mar. 3 $10,000, building $22,000, and equipment $6,000. (Make one compound entry.) Advertised the opening of the driving range and miniature golf course, paying adver- tising expenses of $1,600.

* 59% My Messages Denvery expense Insurance expense 7,000 Sales discounts 8,000 12,000 Sales returns and allowances 13,000 Rent expense 20,000 Sales revenue 350,000 Instructions Prepare the necessary closing entries. E3.15 (LO 5) (Missing Amounts) Presented below is financial information for two different companies. Alatorre Company Eduardo Company Sales revenue $90,000 (d) $ 5,000 Sales returns and allowances (a) Net sales 81,000 95,000 Cost of goods sold Gross profit Operating expenses 56,000 (e) (b) 38,000 15,000 23,000 (c) Net income 15,000 Instructions Compute the missing amounts. E3.16 (LO 4) (Closing Entries for a Corporation) for Homer Winslow Co. as of December 31, 2020. Presented below are selected account balances Cost of Goods Sold $225,700 $ 60,000 Inventory 12/31/20 Selling Expenses Administrative Expenses Income Tax Expense 16,000 75,000 Common Stock 38,000 Retained Earnings Dividends 45,000 30,000 18,000 12,000 Sales Returns and Allowances 15,000 Sales Discounts 410,000 Sales Revenue Instructions Prepare closing entries for Homer Winslow Co. on December 31, 2020. (Omit explanations.) E3.17 (LO 2) (Transactions of a Corporation, Including Investment and Dividend) Scratch Miniature Golf and Driving Range Inc. was opened on March 1 by Rick Fowler. The following selected events and transactions occurred during March. Invested $50,000 cash in the business in exchange for common stock. Purchased Michelle Wie's Golf Land for $38,000 cash. The price consists of land Mar. 3 $10,000, building $22,000, and equipment $6,000. (Make one compound entry.) Advertised the opening of the driving range and miniature golf course, paying adver- tising expenses of $1,600.

FINANCIAL ACCOUNTING
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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3.15 and 3.16

* 59% My Messages Denvery expense Insurance expense 7,000 Sales discounts 8,000 12,000 Sales returns and allowances 13,000 Rent expense 20,000 Sales revenue 350,000 Instructions Prepare the necessary closing entries. E3.15 (LO 5) (Missing Amounts) Presented below is financial information for two different companies. Alatorre Company Eduardo Company Sales revenue $90,000 (d) $ 5,000 Sales returns and allowances (a) Net sales 81,000 95,000 Cost of goods sold Gross profit Operating expenses 56,000 (e) (b) 38,000 15,000 23,000 (c) Net income 15,000 Instructions Compute the missing amounts. E3.16 (LO 4) (Closing Entries for a Corporation) for Homer Winslow Co. as of December 31, 2020. Presented below are selected account balances Cost of Goods Sold $225,700 $ 60,000 Inventory 12/31/20 Selling Expenses Administrative Expenses Income Tax Expense 16,000 75,000 Common Stock 38,000 Retained Earnings Dividends 45,000 30,000 18,000 12,000 Sales Returns and Allowances 15,000 Sales Discounts 410,000 Sales Revenue Instructions Prepare closing entries for Homer Winslow Co. on December 31, 2020. (Omit explanations.) E3.17 (LO 2) (Transactions of a Corporation, Including Investment and Dividend) Scratch Miniature Golf and Driving Range Inc. was opened on March 1 by Rick Fowler. The following selected events and transactions occurred during March. Invested $50,000 cash in the business in exchange for common stock. Purchased Michelle Wie's Golf Land for $38,000 cash. The price consists of land Mar. 3 $10,000, building $22,000, and equipment $6,000. (Make one compound entry.) Advertised the opening of the driving range and miniature golf course, paying adver- tising expenses of $1,600.
Transcribed Image Text:* 59% My Messages Denvery expense Insurance expense 7,000 Sales discounts 8,000 12,000 Sales returns and allowances 13,000 Rent expense 20,000 Sales revenue 350,000 Instructions Prepare the necessary closing entries. E3.15 (LO 5) (Missing Amounts) Presented below is financial information for two different companies. Alatorre Company Eduardo Company Sales revenue $90,000 (d) $ 5,000 Sales returns and allowances (a) Net sales 81,000 95,000 Cost of goods sold Gross profit Operating expenses 56,000 (e) (b) 38,000 15,000 23,000 (c) Net income 15,000 Instructions Compute the missing amounts. E3.16 (LO 4) (Closing Entries for a Corporation) for Homer Winslow Co. as of December 31, 2020. Presented below are selected account balances Cost of Goods Sold $225,700 $ 60,000 Inventory 12/31/20 Selling Expenses Administrative Expenses Income Tax Expense 16,000 75,000 Common Stock 38,000 Retained Earnings Dividends 45,000 30,000 18,000 12,000 Sales Returns and Allowances 15,000 Sales Discounts 410,000 Sales Revenue Instructions Prepare closing entries for Homer Winslow Co. on December 31, 2020. (Omit explanations.) E3.17 (LO 2) (Transactions of a Corporation, Including Investment and Dividend) Scratch Miniature Golf and Driving Range Inc. was opened on March 1 by Rick Fowler. The following selected events and transactions occurred during March. Invested $50,000 cash in the business in exchange for common stock. Purchased Michelle Wie's Golf Land for $38,000 cash. The price consists of land Mar. 3 $10,000, building $22,000, and equipment $6,000. (Make one compound entry.) Advertised the opening of the driving range and miniature golf course, paying adver- tising expenses of $1,600.
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