The journal entries of Superior Super Store, a wholesaler, can be found below. (Click the icon to view the journal entries.) Inventory count at the end of June 2023 showed an amount of $21,000 on hand. Using this information, prepare the closing entries using the periodic inventory method. Begin the closing process by completing the first step in the account closing process. Debit all of the revenue accounts and contra expenses. Think about which account is credited. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit

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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Date
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
3 Purchases
Accounts Payable
7 Accounts Payable
Purchases Returns and Allowances
9 Freight-in
Cash
10 Accounts Receivable
Cash
Sales Revenue
12 Accounts Payable
Accounts
Purchases Discounts
Cash
23 Cash
16 |Sales Returns and Allowances
Accounts Receivable
3 Purchases
Accounts Payable
7 Accounts Payable
Purchases Returns and Allowances
9 Freight-in
Cash
10 Accounts Receivable
Cash
Sales Revenue
12 Accounts Payable
Purchases Discounts
Cash
Journal Entry
23 Cash
16 Sales Returns and Allowances
Accounts Receivable
Sales Discounts
Accounts Receivable
Debit
30,000
3,700
830
24,600
2,400
26,300
1,200
23,166
30,000
3,700
830
24,600
2,400
26,300
1,200
23,166
234
Credit
30,000
3,700
830
27,000
263
26,037
1,200
30,000
3,700
830
27,000
263
26,037
1,200
23,400
Transcribed Image Text:Date Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. 3 Purchases Accounts Payable 7 Accounts Payable Purchases Returns and Allowances 9 Freight-in Cash 10 Accounts Receivable Cash Sales Revenue 12 Accounts Payable Accounts Purchases Discounts Cash 23 Cash 16 |Sales Returns and Allowances Accounts Receivable 3 Purchases Accounts Payable 7 Accounts Payable Purchases Returns and Allowances 9 Freight-in Cash 10 Accounts Receivable Cash Sales Revenue 12 Accounts Payable Purchases Discounts Cash Journal Entry 23 Cash 16 Sales Returns and Allowances Accounts Receivable Sales Discounts Accounts Receivable Debit 30,000 3,700 830 24,600 2,400 26,300 1,200 23,166 30,000 3,700 830 24,600 2,400 26,300 1,200 23,166 234 Credit 30,000 3,700 830 27,000 263 26,037 1,200 30,000 3,700 830 27,000 263 26,037 1,200 23,400
The journal entries of Superior Super Store, a wholesaler, can be found below.
(Click the icon to view the journal entries.)
Inventory count at the end of June 2023 showed an amount of $21,000 on hand. Using this information, prepare the closing entries using the periodic inventory method.
Begin the closing process by completing the first step in the account closing process. Debit all of the revenue accounts and contra expenses. Think about which account is credited. (Record debits first, then
credits. Exclude explanations from journal entries.)
Journal Entry
Date
Accounts
Debit
(...)
Credit
Transcribed Image Text:The journal entries of Superior Super Store, a wholesaler, can be found below. (Click the icon to view the journal entries.) Inventory count at the end of June 2023 showed an amount of $21,000 on hand. Using this information, prepare the closing entries using the periodic inventory method. Begin the closing process by completing the first step in the account closing process. Debit all of the revenue accounts and contra expenses. Think about which account is credited. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit (...) Credit
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