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Category > Accounting Posted 23 May 2017 My Price 10.00

Closing entries using periodic inventory system

Closing entries using periodic inventory system

United Rug Company is a small rug retailer owned and operated by Pat Kirwan. After the accounts have been adjusted on December 31, the following selected account balances were taken from the   ledger:

 

Advertising Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$    36,000

Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13,000

Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

65,000

Freight In . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17,000

Merchandise Inventory, December 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

375,000

Merchandise Inventory, December 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

460,000

Miscellaneous Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9,000

Purchases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,760,000

Purchases Discounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35,000

Purchases Returns and Allowances  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

45,000

Salaries Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

375,000

Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,220,000

Journalize the closing entries on December   31.

 

 

Answers

Alpha Geek
(8)
Status NEW Posted 23 May 2017 05:05 PM My Price 10.00

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Attachments

file 1495561777-1314447_1_636310986944601612_Closing-Journals.xlsx preview (158 words )
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