Presented below is information related to Sheridan Company for the month of January 2022. Ending inventory per Insurance expense $11,340 perpetual records $29,890 Rent expense 24,070 Ending inventory actually Salaries and wages expense 56,750 on hand 29,390 Sales discounts 12,880 Cost of goods sold 222,830 Sales returns and allowances 15,870 Freight-out 6,920 Sales revenue 413,440 (a) (b) Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not ind manually. If no entry is required, select "No Entry" for the account titles and enter "O" for the amounts.)
Presented below is information related to Sheridan Company for the month of January 2022. Ending inventory per Insurance expense $11,340 perpetual records $29,890 Rent expense 24,070 Ending inventory actually Salaries and wages expense 56,750 on hand 29,390 Sales discounts 12,880 Cost of goods sold 222,830 Sales returns and allowances 15,870 Freight-out 6,920 Sales revenue 413,440 (a) (b) Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not ind manually. If no entry is required, select "No Entry" for the account titles and enter "O" for the amounts.)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...
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