Connect Access Card For Fundamental Accounting Principles

24th Edition

ISBN: 9781260158526

Author: John J Wild

Publisher: McGraw-Hill Education

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Textbook Question

Chapter 5, Problem 10E

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 trial balance of Emiko Co.₌ a business owned by Kumi Emiko. Use these account balances along with the additional information to journalize (a) adjusting entries and (5) closing entries. Emiko Co. uses a perpetual inventory system.
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, Problem 9E

Chapter 5, Problem 11E

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Chapter 5 Solutions

Connect Access Card For Fundamental Accounting Principles

Ch. 5 - Prob. 1DQ Ch. 5 - Prob. 2DQ Ch. 5 - Prob. 3DQ Ch. 5 - Prob. 4DQ Ch. 5 - 5. How does a company that uses a perpetual...Ch. 5 - Prob. 6DQ Ch. 5 - What is the difference between a sales discount...Ch. 5 - Prob. 8DQ Ch. 5 - Prob. 9DQ Ch. 5 - What is the difference between the single-step and...

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