On January 1, 2021, Displays Incorporated had the following account balances: Accounts Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (7%, due next year) Common stock Retained earnings Totals Debit $ 26,000 23,000 29,000 66,000 231,000 $ 26,000 24,000 190,000 135,000 $375,000 $375,000 Credit From January 1 to December 31, the following summary transactions occurred: Year-end adjusting entries: a. Purchased inventory on account for $334,000. b. Sold inventory on account for $590,000. The cost of the inventory sold was $314,000. c. Received $556,000 from customers on accounts receivable. d. Paid freight on inventory received, $28,000. e. Paid $324,000 to inventory suppliers on accounts payable of $333,000. The difference reflects purchase discounts of $9,000. f. Paid rent for the current year, $46,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $154,000. The payment was recorded to Salaries Expense. a. Supplies on hand at the end of the year are $7,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $22,000. my

On January 1, 2021, Displays Incorporated had the following account balances: Accounts Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (7%, due next year) Common stock Retained earnings Totals Debit $ 26,000 23,000 29,000 66,000 231,000 $ 26,000 24,000 190,000 135,000 $375,000 $375,000 Credit From January 1 to December 31, the following summary transactions occurred: Year-end adjusting entries: a. Purchased inventory on account for $334,000. b. Sold inventory on account for $590,000. The cost of the inventory sold was $314,000. c. Received $556,000 from customers on accounts receivable. d. Paid freight on inventory received, $28,000. e. Paid $324,000 to inventory suppliers on accounts payable of $333,000. The difference reflects purchase discounts of $9,000. f. Paid rent for the current year, $46,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $154,000. The payment was recorded to Salaries Expense. a. Supplies on hand at the end of the year are $7,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $22,000. my

Name: 1. Record the closing entry for revenue accounts2. record the closing
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Description: 1. Record the closing entry for revenue accounts2. record the closing entry for expense accounts Please don't provide answer in image format thank you On January 1, 2021, Displays Incorporated had the following account balances:AccountsCashAccounts r

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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