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Income Statement Accounts December 31, 20X1 Dr Cr Sales Sales Returns and Allowances P 475,000 5.000 220,000 Purchases Purchase Returns and Allowance Advertising Sales Salaries Commission Expense Miscellaneous Selling Expense Rent Expense Office Supplies Light and Water Insurance Expense Taxes and Licenses 3,000 10,000 30,000 15,000 3,000 15,000 20,000 2,000 1,000 5,000 4,000 20,000 57,000 10,000 Interest Expense Bad Debts Expense Merchandise Inventory, Jan 1, 20X1 Depreciation Expense - Furn. & Equip. Merchandise Inventory, Dec. 31, 20X1 Fill in the blanks. 60.000 5. Seling and Administrative Expense 1. Net Sales 2. Net Purchases 3. Cost of Goods Sold 6. Net Income 4. Gross Profit 7. Reporting Period

Income Statement Accounts December 31, 20X1 Dr Cr Sales Sales Returns and Allowances P 475,000 5.000 220,000 Purchases Purchase Returns and Allowance Advertising Sales Salaries Commission Expense Miscellaneous Selling Expense Rent Expense Office Supplies Light and Water Insurance Expense Taxes and Licenses 3,000 10,000 30,000 15,000 3,000 15,000 20,000 2,000 1,000 5,000 4,000 20,000 57,000 10,000 Interest Expense Bad Debts Expense Merchandise Inventory, Jan 1, 20X1 Depreciation Expense - Furn. & Equip. Merchandise Inventory, Dec. 31, 20X1 Fill in the blanks. 60.000 5. Seling and Administrative Expense 1. Net Sales 2. Net Purchases 3. Cost of Goods Sold 6. Net Income 4. Gross Profit 7. Reporting Period

FINANCIAL ACCOUNTING
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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Please help me answer: 7. Reporting Period
Income Statement Accounts December 31, 20X1 Dr Cr P 475,000 Sales Sales Returns and Allowances Purchases P 5,000 220,000 Purchase Returns and Allowance 3,000 Advertising Sales Salaries Commission Expense Miscellaneous Selling Expense Rent Expense Office Supplies Light and Water Insurance Expense Taxes and Licenses 10,000 30,000 15,000 3,000 15,000 20,000 2,000 1,000 5,000 4,000 20,000 57,000 10,000 Interest Expense Bad Debts Expense Merchandise Inventory, Jan 1, 20X1 Depreciation Expense - Furn. & Equip. Merchandise Inventory, Dec. 31, 20X1 Fill in the blanks. 60,000 1. Net Sales 2. Net Purchases 3. Cost of Goods Sold 4. Gross Profit 5. Seling and Administrative Expenses 6. Net Income 7. Reporting Period
Transcribed Image Text:Income Statement Accounts December 31, 20X1 Dr Cr P 475,000 Sales Sales Returns and Allowances Purchases P 5,000 220,000 Purchase Returns and Allowance 3,000 Advertising Sales Salaries Commission Expense Miscellaneous Selling Expense Rent Expense Office Supplies Light and Water Insurance Expense Taxes and Licenses 10,000 30,000 15,000 3,000 15,000 20,000 2,000 1,000 5,000 4,000 20,000 57,000 10,000 Interest Expense Bad Debts Expense Merchandise Inventory, Jan 1, 20X1 Depreciation Expense - Furn. & Equip. Merchandise Inventory, Dec. 31, 20X1 Fill in the blanks. 60,000 1. Net Sales 2. Net Purchases 3. Cost of Goods Sold 4. Gross Profit 5. Seling and Administrative Expenses 6. Net Income 7. Reporting Period
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