Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory Journalize Pedroni Enterprises entries to record: The issuance of the note The payment of the note at maturity Journalize Zorzi Industries entries to record: The receipt of the note Receipt of the payment of the note at maturity On July 31, 2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation – Building $365,000 Ray Zorzi – Capital $530,000 Administrative Expenses 440,000 Ray Zorzi – Drawing 15,000 Building 810,000 Sales 1,437,000 Cash 78,000 Sales tax Payable 4,500 Cost of Merchandise Sold 775,000 Selling Expense 160,000 Interest Expense 6,000 Store Supplies 16,000 Merchandise Inventory 115,000 Store Supplies Expense 21,500 Notes Payable 100,000 Instructions: Prepare the July 31, 2019 closing entries for Pedroni Interiors Company
- Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory
- Journalize Pedroni Enterprises entries to record:
- The issuance of the note
- The payment of the note at maturity
- Journalize Zorzi Industries entries to record:
- The receipt of the note
- Receipt of the payment of the note at maturity
- On July 31, 2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows.
Administrative Expenses 440,000 Ray Zorzi – Drawing 15,000
Building 810,000 Sales 1,437,000
Cash 78,000 Sales tax Payable 4,500
Cost of Merchandise Sold 775,000 Selling Expense 160,000
Interest Expense 6,000 Store Supplies 16,000
Merchandise Inventory 115,000 Store Supplies Expense 21,500
Notes Payable 100,000
Instructions: Prepare the July 31, 2019 closing entries for Pedroni Interiors Company
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