## Closing Entries; Net Income### On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows:- **Accounts Receivable:** $170,000- **Accumulated Depreciation—Building:** $717,800- **Administrative Expenses:** $551,300- **Building:** $2,536,250- **Cash:** $168,000- **Common Stock:** $305,250- **Cost of Goods Sold:** $3,827,300- **Dividends:** $180,750- **Interest Expense:** $10,100- **Inventory:** $961,550- **Notes Payable:** $304,300- **Office Supplies:** $20,600- **Retained Earnings:** $1,339,450- **Salaries Payable:** $7,700- **Sales:** $6,479,050- **Selling Expenses:** $719,000- **Store Supplies:** $93,750### Journalize the closing entries. If an amount box does not require an entry, leave it blank.| Date | Account Title | Debit | Credit ||------------|-------------------------------------|----------|---------|| 20Y9 Mar. 31 | | | || | | | || | | | || | | | || | | | || | Mar. 31 (Brought forward the row) | | || | | | |

Solution: Particulars Dr Cr Accounts Receivable 1,70,000 Accumulated Depreciation…

Closing Entries; Net Income On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $170,000 Inventory $961,550 Accumulated Depreciation-Building 717,800 Notes Payable 304,300 Administrative Expenses 551,300 Office Supplies 20,600 Building 2,536,250 Retained Earnings 1,339,450 Cash 168,000 Salaries Payable 7,700 Common Stock 305,250 Sales 6,479,050 Cost of Goods Sold 3,827,300 Selling Expenses 719,000 Dividends 180,750 Store Supplies 93,750 Interest Expense 10,100 Journalize the closing entries. If an amount box does not require an entry, leave it blank.

Closing Entries; Net Income On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $170,000 Inventory $961,550 Accumulated Depreciation-Building 717,800 Notes Payable 304,300 Administrative Expenses 551,300 Office Supplies 20,600 Building 2,536,250 Retained Earnings 1,339,450 Cash 168,000 Salaries Payable 7,700 Common Stock 305,250 Sales 6,479,050 Cost of Goods Sold 3,827,300 Selling Expenses 719,000 Dividends 180,750 Store Supplies 93,750 Interest Expense 10,100 Journalize the closing entries. If an amount box does not require an entry, leave it blank.

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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