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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Greenway Company is a small rug retailer owned and operated by Lorene Greenway. After the accounts have been adjusted on March 31, the following account balances were taken from the ledger:
Advertising Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,800
Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,100
Lorene Greenway, Drawing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000
Merchandise Inventory, March 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,500
Merchandise Inventory, March 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,150
Miscellaneous Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,350
Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,000
Purchases Discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000
Purchases Returns and Allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925,000
Sales Discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000
Sales Returns and Allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000
Salaries Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,300
Transportation In . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,400
Journalize the closing entries on March 31.
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