Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system Debit Credit Merchandise inventory Prepaid selling expenses Dividends 30,000 5,600 33,000 Sales 529,000 17,500 5,000 212,000 48,000 15,000 36,000 105,000 Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses Additional Information Accrued and unpaid sales salaries amount to $1,700. Prepaid selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $28,700 of goods still available. (a) Use the above account balances along with the additional information, prepare the adjusting entries. (b) Use the above account balances along with the additional information, prepare the closing entries. Complete this question by entering your answers in the tabs below. Required A Required B Use the above account balances along with the additional information, prepare the closing entries. View transaction list View journal entry worksheet General Journal No Date Debit Credit Sales 1 Dec 31 529,000 Income summary 529,000 Dec 31 2 Income summary 449,700 Sales returns and allowances 17,500 Sales discounts 5,000 Cost of goods sold Sales salaries expense Selling expenses Utilities expense 15,000 Administrative expenses 105,000 Income summary 3 Dec 31 Retained earnings Retained earnings Dec 31 4 33,000 33,000 Dividends Required B Required A

The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system Debit Credit Merchandise inventory Prepaid selling expenses Dividends 30,000 5,600 33,000 Sales 529,000 17,500 5,000 212,000 48,000 15,000 36,000 105,000 Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses Additional Information Accrued and unpaid sales salaries amount to $1,700. Prepaid selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $28,700 of goods still available. (a) Use the above account balances along with the additional information, prepare the adjusting entries. (b) Use the above account balances along with the additional information, prepare the closing entries. Complete this question by entering your answers in the tabs below. Required A Required B Use the above account balances along with the additional information, prepare the closing entries. View transaction list View journal entry worksheet General Journal No Date Debit Credit Sales 1 Dec 31 529,000 Income summary 529,000 Dec 31 2 Income summary 449,700 Sales returns and allowances 17,500 Sales discounts 5,000 Cost of goods sold Sales salaries expense Selling expenses Utilities expense 15,000 Administrative expenses 105,000 Income summary 3 Dec 31 Retained earnings Retained earnings Dec 31 4 33,000 33,000 Dividends Required B Required A

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system Debit Credit Merchandise inventory Prepaid selling expenses Dividends 30,000 5,600 33,000 Sales 529,000 17,500 5,000 212,000 48,000 15,000 36,000 105,000 Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses Additional Information Accrued and unpaid sales salaries amount to $1,700. Prepaid selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $28,700 of goods still available. (a) Use the above account balances along with the additional information, prepare the adjusting entries. (b) Use the above account balances along with the additional information, prepare the closing entries. Complete this question by entering your answers in the tabs below.
Transcribed Image Text:The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system Debit Credit Merchandise inventory Prepaid selling expenses Dividends 30,000 5,600 33,000 Sales 529,000 17,500 5,000 212,000 48,000 15,000 36,000 105,000 Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses Additional Information Accrued and unpaid sales salaries amount to $1,700. Prepaid selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $28,700 of goods still available. (a) Use the above account balances along with the additional information, prepare the adjusting entries. (b) Use the above account balances along with the additional information, prepare the closing entries. Complete this question by entering your answers in the tabs below.
Required A Required B Use the above account balances along with the additional information, prepare the closing entries. View transaction list View journal entry worksheet General Journal No Date Debit Credit Sales 1 Dec 31 529,000 Income summary 529,000 Dec 31 2 Income summary 449,700 Sales returns and allowances 17,500 Sales discounts 5,000 Cost of goods sold Sales salaries expense Selling expenses Utilities expense 15,000 Administrative expenses 105,000 Income summary 3 Dec 31 Retained earnings Retained earnings Dec 31 4 33,000 33,000 Dividends Required B Required A
Transcribed Image Text:Required A Required B Use the above account balances along with the additional information, prepare the closing entries. View transaction list View journal entry worksheet General Journal No Date Debit Credit Sales 1 Dec 31 529,000 Income summary 529,000 Dec 31 2 Income summary 449,700 Sales returns and allowances 17,500 Sales discounts 5,000 Cost of goods sold Sales salaries expense Selling expenses Utilities expense 15,000 Administrative expenses 105,000 Income summary 3 Dec 31 Retained earnings Retained earnings Dec 31 4 33,000 33,000 Dividends Required B Required A
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS