Exercise 5-15 (Algo) Preparing closing entries for a merchandiser LOP3The following list includes temporary accounts from the December 31 adjusted trialbalance of Emiko Company. Use these normal account balances to journalize closingentries.K. Emiko, WithdrawalsSalesSales returns and allowancesSales discountsCost of goods soldSales salaries expenseUtilities expenseSelling expensesAdministrative expensesView transaction listJournal entry worksheet1 2 3Note: Enter debits before credits.DateDecember314Record entryRecord closing of credit balances in temporary accounts.General JournalDebit$ 47,000Clear entry20,3006,400240,00062,00022,00043,000119,000Credit$ 585,000DebitCreditView general journal

These are the accounting transactions that are having a monetary impact on the financial statement…

Answered: The following list includes temporary…

The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Company. Use these normal account balances to journalize closing entrion

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 48E

See similar textbooks

Similar questions

Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.
UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--. REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31.
Journalize these transactions of september assuimg the perpetual inventory system is being used identify each tranasaction of account payable and receivable with vendor or customer name
GLO402 - Based on Problem 4-2A Lowe's Company LO P1, P2 Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron.) 1 Purchased merchandise from Aron Company for $7,500 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $5,200 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $4,000. 8 Purchased merchandise from Waters Corporation for $5,400 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. 9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp. Aug. Aug. Aug. Aug. Aug. 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $400 and was sold for $600. The merchandise was restored to inventory. Aug. 12…
Customer return and refund On December 28, 20Y3, Silverman Enterprises sold $19,000 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,400. On December 31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4, Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $4,200 and the merchandise originally cost Silverman Enterprises $2,400. a. Journalize the entries by Silverman Enterprises to record the December 28, 20Y3 sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. 20Y3 Dec. 28 Accounts Receivable-Beasley Co. V Sales 20Y3 Dec. 28 Cost of Goods Sold v Inventory v Feedback Check My Work b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4. If an amount box does not require…
Oa column for the date the check was made Barbie Merchandising Company Adjusted Trial Balance For the Period Ended December 31, 2020 Account Title Sales Sales returns and allowances ంజు doaouint Purchases Purchase returns and allow3nces Purchase discount Freight in Selling expense Debit Credit P1.652.000 P35.000 13.000/ 1.120,500 18:C00 36.000 55.000 40,000 P2,322,000 1o ఉ P2,322,000 Beginning and ending balance of Merchandissinvertchyamcuredto P56.500 and P65500 respectively How much is the net profit
Problem 5-10A Journal entries for merchandising transactions-periodic LO7 Prepare General Journal entries to record the following periodic system merchandising transactions for Safety Merchandising. Use separate account for each receivable and payable: October 1 Purchased merchandise from Zeon Company on credit, terms 2/10, n/30, $15,800. 2 Sold merchandise for cash, $2,100. 7 Purchased merchandise on credit from Billings Co., terms 2/10, n/30, $11,600, FOB the seller's factory. 7 Paid $450 cash for freight charges on the merchandise shipment of the previous transaction. 8 Purchased delivery equipment from Finlay Supplies on credit, $24,000. 12 Sold merchandise on credit to Comry Holdings, terms 2/15, 1/30, n/60, $5,800. 13 Received a $1,500 credit memo for merchandise purchased on October 7 and returned for credit. 13 Purchased office supplies on credit from Staples, $620, n/30. 15 Sold merchandise on credit to Tom Willis, terms 2/10, 1/30, n/60, $4,650. 15 Paid for the merchandise…
Required information Skip to question [The following information applies to the questions displayed below.] Valley Company’s adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 41,000 Other (non-inventory) assets 130,400 Total liabilities $ 25,000 K. Valley, Capital 104,550 K. Valley, Withdrawals 8,000 Sales 225,600 Sales discounts 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense—Selling space 8,000 Store supplies expense 1,500 Advertising expense 13,000 Office salaries expense 28,500 Rent expense—Office space 3,600 Office…
Required information Skip to question [The following information applies to the questions displayed below.] Valley Company’s adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 34,000 Other (non-inventory) assets 136,000 Total liabilities $ 39,270 K. Valley, Capital 113,619 K. Valley, Withdrawals 8,000 Sales 232,560 Sales discounts 3,558 Sales returns and allowances 15,349 Cost of goods sold 90,401 Sales salaries expense 31,861 Rent expense—Selling space 10,930 Store supplies expense 2,791 Advertising expense 19,768 Office salaries expense 29,070 Rent expense—Office space 2,791…
Instructions Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account itles. CNOW journals do not use ines for jounal explanations. Every Nne on a journal page is used for debit or aredit ents. CNOW journals will automaticaly indent a credit entry when a credit amount s entered. 1 Sold merchandise on account, $94,800 with terms 2/10, n30. The sost.ot the merchandise nold was Mar. $56,900. Received payment les the discount. 13 Issued a $500 oredit memo for damaged merchandise. The customer agreed to keep the merchandise
Required: • Adjustment Entries • Closing Entries
Exercise 7-12 (Algo) Posting to subsidiary ledger accounts; preparing a schedule of accounts receivable LO P1 At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $7,398. Date: May 6 May 10 May 17 May 25 May 31 Account Debited Aaron Reckers Sara Reed Anna Page. Sara Reed Totals Date May 20 Sales Journal Invoice Number PR 190 191 192 193 Accounts Receivable Debit Sales Credit 2,470 1,530 681 272 4,953 General Journal Sales Returns and Allowances Accounts Receivable-Anna Page Record allowance to customer. Page 2 Cost of Goods Sold Debit Inventory Credit 1,877 1,262 Mountain View also recorded an allowance (price reduction) given to Anna Page with the following entry. 400 160 3,699 Debit 200 Credit 200 Required: 1. Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account. 2. Post the sales journal and any portion of the general journal…