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

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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