The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Company. Use these normal account balances to journalize closing entries. Dividends $ 45,000 Sales 577,000 Sales returns and allowances 19,900 Sales discounts 6,200 Cost of goods sold 236,000 Sales salaries expense 60,000 Utilities expense 21,000 Selling expenses 42,000 Administrative expenses 117,00

The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Company. Use these normal account balances to journalize closing entries. Dividends $ 45,000 Sales 577,000 Sales returns and allowances 19,900 Sales discounts 6,200 Cost of goods sold 236,000 Sales salaries expense 60,000 Utilities expense 21,000 Selling expenses 42,000 Administrative expenses 117,00

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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Dividends	$ 45,000
Sales	577,000
Sales returns and allowances	19,900
Sales discounts	6,200
Cost of goods sold	236,000
Sales salaries expense	60,000
Utilities expense	21,000
Selling expenses	42,000
Administrative expenses	117,000

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The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Company. Use these normal account balances to journalize closing entries. Debit Credit Dividends $ 39,000 Sales $ 553,000 Sales returns and allowances 18,700 Sales discounts 5,600 Cost of goods sold 224,000 Sales salaries expense 54,000 Utilities expense 18,000 Selling expenses 39,000 Administrative expenses 111,000 1. Record closing of credit balances in temporary accounts. 2. Record closing of debit balances in temporary accounts. 3. Record closing of income summary accounts 4. Record closing of dividends account.
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