Chapter 20, Problem 1GLP

To determine

Journal Entries:

A journal entry is the record of the transaction entered into journal. Journal entries records all the financial details of the business and reflects which accounts are affected through the transactions.

Accounting rules for journal entries:

• To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.
• To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Cost of Goods Manufactured:

Cost of goods manufactured is the cost given out to units either finished or still under completion at the end of an accounting period. The cost of goods manufactured is valuable for inspecting the cost structure of the production tasks an organization.

Income Statement:

An income statement is one of the financial statement of the company which shows the company's profit and loss for a particular period of time.

The preparation of summary of journal entries, cost of good manufactured and partial income statement for Company S.