$ 185,200 Accumulated Depreciation-Building $ 21,000 7,700 Cash 8,600 Sales Revenue 42,800 Depreciation Expense-Building 55,000 Dividends 30,400 Interest Expense Purchases Accounts Payable 18,100 Rent Expense Building Common Stock Retained Earnings Merchandise Inventory, Beginring 119,000 Merchandise Inventory, Ending Notes Payable Purchase Discounts 257,800 4,700 26,500 1,900 102,100 11,300 Purchase Returns and Allowances 2,900 20,700
$ 185,200 Accumulated Depreciation-Building $ 21,000 7,700 Cash 8,600 Sales Revenue 42,800 Depreciation Expense-Building 55,000 Dividends 30,400 Interest Expense Purchases Accounts Payable 18,100 Rent Expense Building Common Stock Retained Earnings Merchandise Inventory, Beginring 119,000 Merchandise Inventory, Ending Notes Payable Purchase Discounts 257,800 4,700 26,500 1,900 102,100 11,300 Purchase Returns and Allowances 2,900 20,700
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.
Journalizing closing entries—periodic inventory system
D & T Printing Supplies’s accounting records include the following accounts at December 31, 2018.
Requirements
- Journalize the required closing entries for D & T Printing Supplies assuming that D & T uses the periodic inventory system.
- Determine the ending balance in the
Retained Earnings account.
Transcribed Image Text:$ 185,200 Accumulated Depreciation-Building $ 21,000
7,700 Cash
8,600 Sales Revenue
42,800 Depreciation Expense-Building
55,000 Dividends
30,400 Interest Expense
Purchases
Accounts Payable
18,100
Rent Expense
Building
Common Stock
Retained Earnings
Merchandise Inventory, Beginring 119,000 Merchandise Inventory, Ending
Notes Payable
Purchase Discounts
257,800
4,700
26,500
1,900
102,100
11,300 Purchase Returns and Allowances
2,900
20,700
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