Appendix 2 PR 5-10A Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 20Y5, the balances of the accounts appearing in the ledger of Wyman Company are as follows: $ 13,500 72,000 257,000 Purchases Cash Dividends $ 25,000 Accounts Receivable Sales 3,280,000 Inventory, January 1, 20Y5 2,650,000 Estimated Returns Inventory, Purchases Returns and Allowances 93,000 January 1, 20Y5 35,000 Purchases Discounts 37,000 3,000 Freight In Office Supplies Prepaid Insurance Land 48,000 Sales Salaries Expense 150,000 Advertising Expense 270,000 Delivery Expense 4,500 300,000 45,000 Store Equipment 9,000 Accumulated Depreciation- Store Equipment Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Salaries Payable Customer Refunds Payable Depreciation Expense- Store Equipment 78,500 Miscellaneous Selling Expense Office Salaries Expense 55,900 6,000 12,000 175,000 16,000 Rent Expense 77,800 Insurance Expense 3,000 Office Supplies Expense 50,000 Depreciation Expense- Office Equipment 28,000 3,000 2,000 Unearned Rent 8,300 1,500 Notes Payable 50,000 Miscellaneous Administrative Expense 3,500 Common Stock 150,000 Rent Revenue 7,000 Retained Earnings 365,600 Interest Expense 2,000
Appendix 2 PR 5-10A Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 20Y5, the balances of the accounts appearing in the ledger of Wyman Company are as follows: $ 13,500 72,000 257,000 Purchases Cash Dividends $ 25,000 Accounts Receivable Sales 3,280,000 Inventory, January 1, 20Y5 2,650,000 Estimated Returns Inventory, Purchases Returns and Allowances 93,000 January 1, 20Y5 35,000 Purchases Discounts 37,000 3,000 Freight In Office Supplies Prepaid Insurance Land 48,000 Sales Salaries Expense 150,000 Advertising Expense 270,000 Delivery Expense 4,500 300,000 45,000 Store Equipment 9,000 Accumulated Depreciation- Store Equipment Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Salaries Payable Customer Refunds Payable Depreciation Expense- Store Equipment 78,500 Miscellaneous Selling Expense Office Salaries Expense 55,900 6,000 12,000 175,000 16,000 Rent Expense 77,800 Insurance Expense 3,000 Office Supplies Expense 50,000 Depreciation Expense- Office Equipment 28,000 3,000 2,000 Unearned Rent 8,300 1,500 Notes Payable 50,000 Miscellaneous Administrative Expense 3,500 Common Stock 150,000 Rent Revenue 7,000 Retained Earnings 365,600 Interest Expense 2,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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