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Presented below is selected information related to Wildhorse Co. for the year ended January 31, 2027. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out (a) $25,100 24,500 222,060 6,760 Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $11,650 21,740 58,420 11,130 15,000 419,730

Presented below is selected information related to Wildhorse Co. for the year ended January 31, 2027. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out (a) $25,100 24,500 222,060 6,760 Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $11,650 21,740 58,420 11,130 15,000 419,730

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Current Attempt in Progress Presented below is selected information related to Wildhorse Co. for the year ended January 31, 2027. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out (a) $25,100 24,500 Your answer is correct. Cost of Goods Sold 222,060 Inventory 6,760 Account Titles and Explanation Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $11,650 21,740 58,420 Prepare the necessary adjusting entry for inventory. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts.) Debit 11,130 15,000 419,730 600 Credit 600
Transcribed Image Text:Current Attempt in Progress Presented below is selected information related to Wildhorse Co. for the year ended January 31, 2027. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out (a) $25,100 24,500 Your answer is correct. Cost of Goods Sold 222,060 Inventory 6,760 Account Titles and Explanation Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $11,650 21,740 58,420 Prepare the necessary adjusting entry for inventory. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts.) Debit 11,130 15,000 419,730 600 Credit 600
Prepare the necessary closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "O" for the amounts.) Account Titles and Explanation Sales Revenue Sales Discounts (To close accounts with credit balances) Sales Returns and Allowances Cost of Goods Sold Freight-Out Insurance Expense Rent Expense Salarles and Wages Expense Estimated Inventory Returns Inventory (To close accounts with debit balances) Income Summary Retained Earnings (To close net income / (loss)) Debit 419730 100 DO OOOOOOOO AI 222060 6760 11650 21740 58420 25100 Credit 71970 11130 15000 24500 71971
Transcribed Image Text:Prepare the necessary closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "O" for the amounts.) Account Titles and Explanation Sales Revenue Sales Discounts (To close accounts with credit balances) Sales Returns and Allowances Cost of Goods Sold Freight-Out Insurance Expense Rent Expense Salarles and Wages Expense Estimated Inventory Returns Inventory (To close accounts with debit balances) Income Summary Retained Earnings (To close net income / (loss)) Debit 419730 100 DO OOOOOOOO AI 222060 6760 11650 21740 58420 25100 Credit 71970 11130 15000 24500 71971
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