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Presented Below are selected account balances for Kirby Company as of December 31, 2014 Merchandise Inventory 12/31/14 24,000 Common Stock 30,000 Retained Earnings 18,000 Dividends 7,200 Sales Returns and Allowances 4,800 Sales Discounts 6,000 Sales 164,000 Cost of Goods Sold 90,280 Selling Expenses 6,400 Administrative Expenses 15,200 Income Tax Expense 12,000 Prepare Closing Entries for Kirby Co. on December 31, 2014

Presented Below are selected account balances for Kirby Company as of December 31, 2014 Merchandise Inventory 12/31/14 24,000 Common Stock 30,000 Retained Earnings 18,000 Dividends 7,200 Sales Returns and Allowances 4,800 Sales Discounts 6,000 Sales 164,000 Cost of Goods Sold 90,280 Selling Expenses 6,400 Administrative Expenses 15,200 Income Tax Expense 12,000 Prepare Closing Entries for Kirby Co. on December 31, 2014

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...
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Presented Below are selected account balances for Kirby Company as of December 31, 2014 Merchandise Inventory 12/31/14 24,000 Common Stock 30,000 Retained Earnings 18,000 Dividends 7,200 Sales Returns and Allowances 4,800 Sales Discounts 6,000 Sales 164,000 Cost of Goods Sold 90,280 Selling Expenses 6,400 Administrative Expenses 15,200 Income Tax Expense 12,000 Prepare Closing Entries for Kirby Co. on December 31, 2014
Transcribed Image Text:Presented Below are selected account balances for Kirby Company as of December 31, 2014 Merchandise Inventory 12/31/14 24,000 Common Stock 30,000 Retained Earnings 18,000 Dividends 7,200 Sales Returns and Allowances 4,800 Sales Discounts 6,000 Sales 164,000 Cost of Goods Sold 90,280 Selling Expenses 6,400 Administrative Expenses 15,200 Income Tax Expense 12,000 Prepare Closing Entries for Kirby Co. on December 31, 2014
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