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Concept explainers
Exercise 5-10 Preparing adjusting and closing entries for a merchandiser P3
The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted
Merchandise inventory .......... $30,000
Prepaid selling expenses......... 5,600
K. Emiko. Withdrawals........... 33,000
Sales......................... $529,000
Sales returns and allowances..... 17,500
Sales discounts................. 5,000
Check Dr. 184.500 to close Income Summary
Additional Information
Debit | |
Cost of goods sold....... | $212,000 |
Sales salaries expense | 48,000 |
Utilities expense......... | 15,000 |
Selling expenses......... | 36,000 |
Administrative expenses .. | 105,000 |
Page 202
Accrued and unpaid sales salaries amount to SI.700. Prepaid selling expenses of S3.000 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows S2S.700 of goods still available.
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Chapter 5 Solutions
Connect Access Card For Fundamental Accounting Principles
- Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage LearningCorporate Financial AccountingAccountingISBN:9781305653535Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningCorporate Financial AccountingAccountingISBN:9781337398169Author:Carl Warren, Jeff JonesPublisher:Cengage Learning
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