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(The given is in the photos.) Required: 2. PREPARE A DRAFT OF THE NECESSARY CLOSING ENTRIES OF SM-X FOR DEC 31 2020

(The given is in the photos.) Required: 2. PREPARE A DRAFT OF THE NECESSARY CLOSING ENTRIES OF SM-X FOR DEC 31 2020

FINANCIAL ACCOUNTING
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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(The given is in the photos.)

Required:

2. PREPARE A DRAFT OF THE NECESSARY CLOSING ENTRIES OF SM-X FOR DEC 31 2020

 

AMOUNT REF# ACCT TITLES DEC 31 2020 4 CASH 16,400 9 INVENTORY, DEC 31 2019 161,000 10 INVENTORY, DEC 31 2020 7 EQUIPMENT 2 ACCUMULATED DEPRECIATION - EQUIPMENT 159,000 187,000 75,800 66,500 1 ACCOUNTS PAYABLE 14 SALARY PAYABLE 5,800 258,300 45,600 985,500 5 H SY, CAPITAL 6 H SY, WITHDRAWAL 15 SALES REVENUE 16 SALES RETURNS & ALLOWANCES 14,200 17 SALES DISCOUNTS 8,300 11 PURCHASES 650,000 12 PURCHASES RETURNS & ALLOoWANCES 4,200 13 PURCHASE DISCOUNT 4,800 3 ADMINISTRATIVE EXPENSES 98,800 8 FREIGHT-IN 18 SELLING EXPENSES 9,000 44,600
Transcribed Image Text:AMOUNT REF# ACCT TITLES DEC 31 2020 4 CASH 16,400 9 INVENTORY, DEC 31 2019 161,000 10 INVENTORY, DEC 31 2020 7 EQUIPMENT 2 ACCUMULATED DEPRECIATION - EQUIPMENT 159,000 187,000 75,800 66,500 1 ACCOUNTS PAYABLE 14 SALARY PAYABLE 5,800 258,300 45,600 985,500 5 H SY, CAPITAL 6 H SY, WITHDRAWAL 15 SALES REVENUE 16 SALES RETURNS & ALLOWANCES 14,200 17 SALES DISCOUNTS 8,300 11 PURCHASES 650,000 12 PURCHASES RETURNS & ALLOoWANCES 4,200 13 PURCHASE DISCOUNT 4,800 3 ADMINISTRATIVE EXPENSES 98,800 8 FREIGHT-IN 18 SELLING EXPENSES 9,000 44,600
AMOUNT REF# ACCT TITLES DEC 31 2020 1 ACCOUNTS PAYABLE 66,500 2 ACCUMULATED DEPRECIATION - EQUIPMENT 75,800 3 ADMINISTRATIVE EXPENSES 98,800 4 CASH 16,400 5 H SY, CAPITAL 6 H SY, WITHDRAWAL 7 EQUIPMENT 258,300 45,600 187,000 9,000 161,000 159,000 650,000 4,200 4,800 8 FREIGHT-IN 9 INVENTORY, DEC 31 2019 10 INVENTORY, DEC 31 2020 11 PURCHASES 12 PURCHASES RETURNS & ALLOWANCES 13 PURCHASE DISCOUNT 14 SALARY PAYABLE 5,800 15 SALES REVENUE 985,500 14,200 8,300 16 SALES RETURNS & ALLOWANCES 17 SALES DISCOUNTS 18 SELLING EXPENSES 44,600
Transcribed Image Text:AMOUNT REF# ACCT TITLES DEC 31 2020 1 ACCOUNTS PAYABLE 66,500 2 ACCUMULATED DEPRECIATION - EQUIPMENT 75,800 3 ADMINISTRATIVE EXPENSES 98,800 4 CASH 16,400 5 H SY, CAPITAL 6 H SY, WITHDRAWAL 7 EQUIPMENT 258,300 45,600 187,000 9,000 161,000 159,000 650,000 4,200 4,800 8 FREIGHT-IN 9 INVENTORY, DEC 31 2019 10 INVENTORY, DEC 31 2020 11 PURCHASES 12 PURCHASES RETURNS & ALLOWANCES 13 PURCHASE DISCOUNT 14 SALARY PAYABLE 5,800 15 SALES REVENUE 985,500 14,200 8,300 16 SALES RETURNS & ALLOWANCES 17 SALES DISCOUNTS 18 SELLING EXPENSES 44,600
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