ACTIVITYDirections: Prepare a schedule of cost of goods sold for the three-monthperiod and a statement of income for the period ended March 31, 2020.Prepare also a closing entry with the given data below. Write your answeron the space provided.III.Below are some of the accounts relating to the income of Ken Merchandising (ownedby Thara Ken) for the one month period ended March 31, 2020:170,100500,000 Merchandise Inventory,beginningSalesSales Returns and165,00015,000 Merchandise Inventory,EndingAllowancesSales Discounts7,800 Purchase Discounts1,800Purchases302,000 Freight-In5,000Purchase Returns and4,9000 Rental Expense5,000AllowancesSupplies Expense1,200 Delivery Expense2,100Salaries Expense18,000 Utilities Expense৪,000 C. Closing EntriesDateAccount NameDebitCredit

Note: It is assumed that Purchase Returns and Allowances is 4,900 not 4,9000 The process of…

Directions: Prepare a schedule of cost of goods sold for the three-month period and a statement of income for the period ended March 31, 2020. Prepare also a closing entry with the given data below. Write your answer on the space provided. III. Below are some of the accounts relating to the income of Ken Merchandising (owned by Thara Ken) for the one month period ended March 31, 2020: Sales 170,100 500,000 Merchandise Inventory, beginning Sales Returns and 165,000 15,000 Merchandise Inventory, Ending Allowances Sales Discounts 7,800 Purchase Discounts 1,800 Purchases 302,000 Freight-In 5,000 Purchase Returns and 4,9000 Rental Expense 5,000 Allowances Supplies Expense 1,200 Delivery Expense 2,100 Salaries Expense 18,000 Utilities Expense 8,000

Directions: Prepare a schedule of cost of goods sold for the three-month period and a statement of income for the period ended March 31, 2020. Prepare also a closing entry with the given data below. Write your answer on the space provided. III. Below are some of the accounts relating to the income of Ken Merchandising (owned by Thara Ken) for the one month period ended March 31, 2020: Sales 170,100 500,000 Merchandise Inventory, beginning Sales Returns and 165,000 15,000 Merchandise Inventory, Ending Allowances Sales Discounts 7,800 Purchase Discounts 1,800 Purchases 302,000 Freight-In 5,000 Purchase Returns and 4,9000 Rental Expense 5,000 Allowances Supplies Expense 1,200 Delivery Expense 2,100 Salaries Expense 18,000 Utilities Expense 8,000

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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