Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 16 Aug 2017 My Price 6.00

Proof General Store

preparation of the Income statement: periodic Inventory system

e11A. Using the selected year-end account balances at December 31, 2014, for Proof General Store that follow, prepare a 2014 multistep income statement. Show detail of net sales. The company uses the periodic inventory system. Beginning merchandise inventory was $26,000; ending merchandise inventory is $22,000.

 

 

 

 

 

 

 

240                                                                                            Chapter 6: Accounting for Merchandising Operations

 

Account name

Debit

Credit

Sales

 

$297,000

Sales Returns and Allowances

$  15,200

 

Purchases

114,800

 

Purchases Returns and Allowances

 

4,000

Freight-In

5,600

 

Selling Expenses

48,500

 

General and Administrative Expenses

37,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 10:08 PM My Price 6.00

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