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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Subject: accounting
On August 1, 2016, Stephanie Ram, a sole proprietor, started a new business, Ram Wholesale Company. The company sells refrigerators (merchandise) to various retail stores and uses the periodic inventory system. At the end of August, the company’s Post-Closing Trial Balance showed the following accounts and balances: Ram Wholesale CompanyPost-Closing Trial BalanceAugust 31, 2016 Account Titles Debit Credit Cash $156,300 Accounts Receivable 15,700 Merchandise Inventory, 9/30/15 53,100 Store Supplies 4,100 Office Supplies 3,300 Land 34,000 Delivery Truck 92,000 Accumulated Depreciation, Delivery Truck $800 Accounts Payable 21,300 Unearned Sales Revenue 2,100 Notes Payable (Due 2040) 62,500 Stephanie Ram, Capital 271,800 Totals $358,500 $358,500 Subsidiary Ledgers balances during the month of AugustCustomers with Outstanding Balances Dates Customer Names Credit…
Valley Company’s adjusted trial balance on August 31, 2015, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 38,000 Other (noninventory) assets 152,000 Total liabilities $ 43,890 K. Valley, Capital 125,585 K. Valley, Withdrawals 8,000 Sales 259,920 Sales discounts 3,977 Sales returns and allowances 17,155 Cost of goods sold 100,577 Sales salaries expense 35,609 Rent expense—Selling space 12,216 Store supplies expense 3,119 Advertising expense 22,093 Office salaries expense 32,490 Rent expense—Office space 3,119 Office supplies expense 1,040 Totals $ 429,395 $ 429,395 On August 31, 2014, merchandise inventory was $30,666. Supplementary records…
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Muller Computers stores its inventory in a warehouse that burned to the ground in late November, 2018. Their sales office was at a different location. In order to file a claim with their insurance, the owners ask you to estimate the inventory that was in the warehouse. The following information is available: Beginning Inventory 375,000 Purchases through November 30 470,250 Net sales revenue through november 30 793,000 The company's gross profit has historically been 40% of net sales revenue. Estimate the value of the inventory destroyed in the fire using the gross profit method. a.$528,550 b.$388,450 c.$369,950 d.$410,000
nces Required information [The following information applies to the questions displayed below.] Powell Company began the Year 2 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. During Year 2, Powell experienced the following events: 1. Sold merchandise that cost $58,000 for $99,500 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $900 cash. 3. Received returned goods from Prentise. The goods cost Powell $4,000 and were sold to Prentise for $5,900. 4. Granted Prentise a $3,000 allowance for damaged goods that Prentise agreed to keep. 5. Collected partial payment of $81,000 cash from accounts receivable. Required a. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list
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Valley Company’s adjusted trial balance on August 31, 2015, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 38,000 Other (noninventory) assets 152,000 Total liabilities $ 43,890 K. Valley, Capital 125,585 K. Valley, Withdrawals 8,000 Sales 259,920 Sales discounts 3,977 Sales returns and allowances 17,155 Cost of goods sold 100,577 Sales salaries expense 35,609 Rent expense—Selling space 12,216 Store supplies expense 3,119 Advertising expense 22,093 Office salaries expense 32,490 Rent expense—Office space 3,119 Office supplies expense 1,040 Totals $ 429,395 $ 429,395 On August 31, 2014, merchandise inventory was $30,666. Supplementary records of…
Required information [The following information applies to the questions displayed below.] Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals Debit $ 41,000 164,000 Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in 8,000 4,291 18,509 108, 210…
On June 30, 2021, a fire at Norjanna Company’s only warehouse caused severe damage to itsinventory. Based on recent history, Norjanna has a gross profit of 25% on cost. The followinginformation is available from the records for the six months ended June 30, 2021:Inventory – January 1 4,000,000Net purchases 18,000,000Net sales 20,000,000A physical inventory disclosed undamaged goods with selling price of P1,000,000. On June 30, 2021,unsold goods on consignment with selling price of P1,500,000 are in the hands of the consignee. Whatis the estimated cost of inventory destroyed by fire? Judy Company uses the retail inventory method to approximate its ending inventory. The followinginformation is available for the current year: Cost RetailBeginning inventory 650,000 1,200,000Purchases…
Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Journalizing closing entries—periodic inventory system D & T Printing Supplies’s accounting records include the following accounts at December 31, 2018. Requirements Journalize the required closing entries for D & T Printing Supplies assuming that D & T uses the periodic inventory system. Determine the ending balance in the Retained Earnings account.