Scroll down to complete all parts of this task. The following is the income statement for the period ending December 31, Year 1, for Manatee Construction Company: Manatee Construction Company Income Statement Sales Cost of goods sold Gross profit Salaries expense Other administrative expenses Interest expense Advertising expense Total expenses Operating loss Gain from the sale of investments 100,000 Total net loss $ 8,000,000 (6,500,000) 1,500,000 (300,000) (100,000) (900,000) (450,000) (1,750,000) (250,000) $ (150,000) Based on this information, perform the adjusting journal entry to close Manatee's books at the end of Year 1. To prepare each required journal entry: Enter the corresponding debit or credit amount in the associated column. Round all amounts to the nearest whole number. Not all rows in the table might be needed to complete each journal entry. Account Name 1. Sales 2. Cost of goods sold 3. Salaries expense 4. Other administrative expenses 5. Interest expense 6. Advertising expense 7. Gain from the sale of investments 8. Retained earnings Credit & debits Please DebitCredit
Scroll down to complete all parts of this task. The following is the income statement for the period ending December 31, Year 1, for Manatee Construction Company: Manatee Construction Company Income Statement Sales Cost of goods sold Gross profit Salaries expense Other administrative expenses Interest expense Advertising expense Total expenses Operating loss Gain from the sale of investments 100,000 Total net loss $ 8,000,000 (6,500,000) 1,500,000 (300,000) (100,000) (900,000) (450,000) (1,750,000) (250,000) $ (150,000) Based on this information, perform the adjusting journal entry to close Manatee's books at the end of Year 1. To prepare each required journal entry: Enter the corresponding debit or credit amount in the associated column. Round all amounts to the nearest whole number. Not all rows in the table might be needed to complete each journal entry. Account Name 1. Sales 2. Cost of goods sold 3. Salaries expense 4. Other administrative expenses 5. Interest expense 6. Advertising expense 7. Gain from the sale of investments 8. Retained earnings Credit & debits Please DebitCredit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
i need the answer quickly
![Scroll down to complete all parts of this task.
The following is the income statement for the
period ending December 31, Year 1, for Manatee
Construction Company:
Manatee Construction Company
Income Statement
Sales
Cost of goods sold
Gross profit
Salaries expense
Other administrative expenses
Interest expense
Advertising expense
Total expenses
Operating loss
Gain from the sale of investments 100,000
Total net loss
$ 8,000,000
(6,500,000)
1,500,000
(300,000)
(100,000)
(900,000)
(450,000)
(1,750,000)
(250,000)
$ (150,000)
Based on this information, perform the adjusting
journal entry to close Manatee's books at the end
of Year 1.
To prepare each required journal entry:
Enter the corresponding debit or credit amount in
the associated column.
Round all amounts to the nearest whole number.
Not all rows in the table might be needed to
complete each journal entry.
Account Name
1. Sales
2. Cost of goods sold
3. Salaries expense
4. Other administrative expenses
5. Interest expense
6. Advertising expense
7. Gain from the sale of investments
8. Retained earnings
Credit & debits Please
DebitCredit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff68554e4-1a34-48b1-bee0-14f4adca9854%2F4ce8c14c-a17c-4cb1-8a42-233ad9e270f2%2F64yspi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Scroll down to complete all parts of this task.
The following is the income statement for the
period ending December 31, Year 1, for Manatee
Construction Company:
Manatee Construction Company
Income Statement
Sales
Cost of goods sold
Gross profit
Salaries expense
Other administrative expenses
Interest expense
Advertising expense
Total expenses
Operating loss
Gain from the sale of investments 100,000
Total net loss
$ 8,000,000
(6,500,000)
1,500,000
(300,000)
(100,000)
(900,000)
(450,000)
(1,750,000)
(250,000)
$ (150,000)
Based on this information, perform the adjusting
journal entry to close Manatee's books at the end
of Year 1.
To prepare each required journal entry:
Enter the corresponding debit or credit amount in
the associated column.
Round all amounts to the nearest whole number.
Not all rows in the table might be needed to
complete each journal entry.
Account Name
1. Sales
2. Cost of goods sold
3. Salaries expense
4. Other administrative expenses
5. Interest expense
6. Advertising expense
7. Gain from the sale of investments
8. Retained earnings
Credit & debits Please
DebitCredit
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