Reconstruction of Closing Entries The following T accounts summarize entries made to selected general ledger accounts of Cooper $ Company. Certain entries, dated December 31, are closing entries. Prepare the closing entries that were made on December 31.

Roscoe has attempted to prepare the closing entries for Chandler Company on this panel. He’s not sure if he’s entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec. 31 on the Journal panel.

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Required information [The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory т. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 38,800 117,300 7,000 159,800 3,100 $ 6,300 105,600 10,500 33,500 5,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $37,550.

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Journalize the following transactions that occurred in September 2018 for Faucet, assuming the perpetual inventory system is being used.. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Faucet estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assune the company records sales at the net amount.) More info Purchased merchandise inventory on account from Sidecki Wholesalers, $4,000. Terms 2/15, n/EOM, FOB shipping point. Sep. 3 Sep. 4 Paid freight bill of $70 on September 3 purchase. Sep. 4 Purchase merchandise inventory for cash of $2,300. Sep. 6 Returned $900 of inventory from September 3 purchase. Sold merchandise inventory to Harvey Company, $5.800, on account. Terms 1/15, n/35. Cost of goods, $2,726. Purchased merchandise inventory on account from Thomas Wholesalers, $7,500. Terms 3/10, n/30, FOB destination. Made payment to Sidecki…

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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…

Prepare journal entries to record the following transactions. Create a T-account for AccountsPayable, post any entries that affect the account, and calculate the ending balance for the account. Assume anAccounts Payable beginning balance of $7,500.A. May 12, purchased merchandise inventory on account. $9,200B. June 10, paid creditor for part of previous month’s purchase, $11,350