Presented below is information related to Bonita Co. for the month of January 2017. Beginning inventory $31,000 Insurance expense $13,000 Ending inventory 27,000 Rent expense 22,000 Purchases 198,000 Salaries and wages expense 54,000 Freight-in 7,000 Sales returns and allowances 13,000 Purchase discounts 4,000 Sales revenue 404,000 Purchase returns and allowances 10,000 Prepare the necessary closing entries. (Credit account titles are automatically indented w for the account titles and enterO for the amounts.)
Presented below is information related to Bonita Co. for the month of January 2017. Beginning inventory $31,000 Insurance expense $13,000 Ending inventory 27,000 Rent expense 22,000 Purchases 198,000 Salaries and wages expense 54,000 Freight-in 7,000 Sales returns and allowances 13,000 Purchase discounts 4,000 Sales revenue 404,000 Purchase returns and allowances 10,000 Prepare the necessary closing entries. (Credit account titles are automatically indented w for the account titles and enterO for the amounts.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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