Closing Entries; Net Income On March 31, 2014, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building Administrative Expenses $737,900 536,850 Merchandise Inventory $1,016,650 Notes Payable 249,850 Building 2,585,550 Office Supplies 19,550 Cash 179,100 Salaries Payable 7,700 Cost of Merchandise Sold 3,810,200 Sales 6,619,450 Interest Expense 9,800 Selling Expenses 684,850 Kathy Melman, Capital 1,503,150 Store Supplies 89,450 Kathy Melman, Drawing 175,650 Journalize the closing entries. If an amount box does not require an entry, leave it blank. 2014 Sales Mar. 31 6.619,450 Cost of Merchandise Sold Selling Expenses Administrative Expenses Interest Expense Kathy Melman, Capital 3.810.200✔ 684.850 ✔ 536.850 9.800 ✔ 309.100 X 2014 Mar. 31 Kathy Melman, Capital Kathy Melman, Drawing 00

Closing Entries; Net Income On March 31, 2014, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building Administrative Expenses $737,900 536,850 Merchandise Inventory $1,016,650 Notes Payable 249,850 Building 2,585,550 Office Supplies 19,550 Cash 179,100 Salaries Payable 7,700 Cost of Merchandise Sold 3,810,200 Sales 6,619,450 Interest Expense 9,800 Selling Expenses 684,850 Kathy Melman, Capital 1,503,150 Store Supplies 89,450 Kathy Melman, Drawing 175,650 Journalize the closing entries. If an amount box does not require an entry, leave it blank. 2014 Sales Mar. 31 6.619,450 Cost of Merchandise Sold Selling Expenses Administrative Expenses Interest Expense Kathy Melman, Capital 3.810.200✔ 684.850 ✔ 536.850 9.800 ✔ 309.100 X 2014 Mar. 31 Kathy Melman, Capital Kathy Melman, Drawing 00

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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