* 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Question
3.15 and 3.16
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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