Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 5, Problem 5.32EX
Closing entries
On July 31, the close of the fiscal year, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a fumiture wholesaler, are as follows:
| Accumulated Depr.—Building | $365,000 | Inventory | $ 115,000 |
| Administrative Expenses | 440,000 | Notes Payable | 100,000 |
| Building | 810,000 | 455,000 | |
| Cash | 78,000 | Sales | 1,437,000 |
| Common Stock | 75,000 | Sales Tax Payable | 4,500 |
| Cost of Goods Sold | 775,000 | Selling Expenses | 160,000 |
| Dividends | 15,000 | Store Supplies | 16,000 |
| Interest Expense | 6,000 | Store Supplies Expense | 21,500 |
Prepare the July 31 closing entries for Serbian Interiors Company.
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work
Collections from debtors 396000
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purchased merchandise
720,000 dinars
Inventory of goods at the end of the
period 180,000 dinars
Follow the merchandise at 40%
more than its cost
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if any, if you know that all sales are
made on the account (on credit)
Presented below are selected account balances for Homer Winslow Co. as of December 31, 2020.
Inventory 12/31/20
$ 60,000
Cost of Goods Sold
$225,700
Common Stock
75,000
Selling Expenses
16,000
Retained Earnings
45,000
Administrative Expenses
38,000
Dividends
18,000
Income Tax Expense
30,000
Sales Returns and Allowances
12,000
Sales Discounts
15,000
Sales Revenue
410,000
Instructions
Prepare closing entries for Homer Winslow Co. on December 31, 2020. (Omit explanations.)
On July 31, the close of the fiscal year, the balances of the accounts appearing in the ledger of
Serbian Interiors Company, a furniture retailer, are as follows:
Accumulated Depr.-Building
$365,000
Inventory
$ 115,000
Notes Payable
Retained Earnings
Administrative Expenses
440,000
100,000
Building
810,000
455,000
Cash
78,000
75,000
Sales
1,437,000
Common Stock
Sales Tax Payable
Selling Expenses
Store Supplies
Store Supplies Expense
4,500
Cost of Goods Sold
775,000
160,000
Dividends
15,000
16,000
Interest Expense
6,000
21,500
Prepare the July 31 closing entries for Serbian Interiors Company.
Chapter 5 Solutions
Corporate Financial Accounting
Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - The credit period during which the buyer of...Ch. 5 - What is the meaning of (A) 1/15, n/60; (B) n/30;...Ch. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Who is responsible for freight when the terms of...Ch. 5 - Name three accounts that would normally appear in...Ch. 5 - Audio Outfitter Inc., which uses a perpetual...Ch. 5 - Assume that Audio Outfitter Inc. in Discussion...
Ch. 5 - Gross profit During the current year, merchandise...Ch. 5 - Purchases transactions Hoffman Company purchased...Ch. 5 - Prob. 5.3BECh. 5 - Prob. 5.4BECh. 5 - Prob. 5.5BECh. 5 - Prob. 5.6BECh. 5 - Determining gross profit During the current year,...Ch. 5 - Prob. 5.2EXCh. 5 - Prob. 5.3EXCh. 5 - Purchase-related transactions A retailer is...Ch. 5 - Purchase-related transactions The debits and...Ch. 5 - Prob. 5.6EXCh. 5 - Purchase-related transactions Journalize entries...Ch. 5 - Prob. 5.8EXCh. 5 - Customer refund Senger Company sold merchandise of...Ch. 5 - Prob. 5.10EXCh. 5 - Sales-related transactions After the amount due on...Ch. 5 - Prob. 5.12EXCh. 5 - Prob. 5.13EXCh. 5 - Determining amounts to be paid on invoices...Ch. 5 - Prob. 5.15EXCh. 5 - Purchase-related transactions Based on the data...Ch. 5 - Prob. 5.17EXCh. 5 - Prob. 5.18EXCh. 5 - Prob. 5.19EXCh. 5 - Normal balances of merchandise accounts What is...Ch. 5 - Income statement and accounts for merchandiser For...Ch. 5 - Income statement for merchandiser The following...Ch. 5 - Determining amounts for items omitted from income...Ch. 5 - Multiple-step income statement On March 31, 2018,...Ch. 5 - Multiple-step income statement The following...Ch. 5 - Prob. 5.26EXCh. 5 - Adjusting entry for customer refunds, allowances,...Ch. 5 - Prob. 5.28EXCh. 5 - Adjusting entry for inventory shrinkage Omega Tire...Ch. 5 - Prob. 5.30EXCh. 5 - Closing entries; net income Based on the data...Ch. 5 - Closing entries On July 31, the close of the...Ch. 5 - Rules of debit and credit for periodic inventory...Ch. 5 - Journal entries using the periodic inventory...Ch. 5 - Identify items missing in determining cost of...Ch. 5 - Cost of goods sold and related items The following...Ch. 5 - Cost of goods sold Based on the following data,...Ch. 5 - Cost of goods sold Based on the following data,...Ch. 5 - Prob. 5.39EXCh. 5 - Closing entries using periodic inventory system...Ch. 5 - Purchase-related transactions using perpetual...Ch. 5 - Sales-related transactions using perpetual...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Multiple-step income statement and balance sheet...Ch. 5 - Single-step income statement and balance sheet...Ch. 5 - Prob. 5.7APRCh. 5 - Appendix Sales-related and purchase-related...Ch. 5 - Appendix Sales-related and purchase-related...Ch. 5 - Prob. 5.10APRCh. 5 - Purchase-related transactions using perpetual...Ch. 5 - Sales-related transactions using perpetual...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Sales-related and purchase-related transactions...Ch. 5 - Multiple-step income statement and balance sheet...Ch. 5 - Prob. 5.6BPRCh. 5 - Prob. 5.7BPRCh. 5 - Prob. 5.8BPRCh. 5 - Prob. 5.9BPRCh. 5 - Appendix Periodic inventory accounts,...Ch. 5 - Palisade Creek Co. is a merchandising business...Ch. 5 - Continuing Company Analysis-Amazon: Asset turnover...Ch. 5 - Home Depot: Asset turnover ratio The Home Depot...Ch. 5 - Kroger: Asset turnover ratio The Kroger Company, a...Ch. 5 - J. C. Penney: Asset turnover ratio J. C. Penney...Ch. 5 - Prob. 5.1TIFCh. 5 - Communication Suzi Nomro operates Watercraft...
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