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 $163,800 Accumulated Depreciation-Building 740,900 Administrative Expenses 526,350 Building 2,507,600 Cash 186,150 Common Stock 304,450 Cost of Goods Sold 3,852,200 Dividends 184,450 Interest Expense 10,200 Inventory 1,022,600 Notes Payable 238,600 Office Supplies 19,050 Retained Earnings 1,267,250 Salaries Payable 7,700

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 $163,800 Accumulated Depreciation-Building 740,900 Administrative Expenses 526,350 Building 2,507,600 Cash 186,150 Common Stock 304,450 Cost of Goods Sold 3,852,200 Dividends 184,450 Interest Expense 10,200 Inventory 1,022,600 Notes Payable 238,600 Office Supplies 19,050 Retained Earnings 1,267,250 Salaries Payable 7,700

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 1PA: A partial work sheet for The Fan Shop is presented here. The merchandise inventory at the beginning...

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