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On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Cash $125,000 Purchases $4,100,000 Accounts Receivable 340,000 Purchases Returns and Allowances 32,000 Merchandise Inventory, July 1, 2018 415,000 Purchases Discounts 13,000 Estimated Returns Inventory 25,000 Freight In 45,000 Office Supplies 9,000 Sales Salaries Expense 580,000 Prepaid Insurance 18,000 Advertising Expense 315,000 Land 300,000 Delivery Expense 18,000 Store Equipment 550,000 Depreciation Expense-Store Equipment 12,000 Accumulated Depreciation-Store Equipment 190,000 Miscellaneous Selling Expense 28,000 Office Equipment 250,000 Office Salaries Expense 375,000 Accumulated Depreciation-Office Equipment 110,000 Rent Expense 43,000 Accounts Payable 85,000 Insurance Expense 17,000 Customer Refunds ayable 20,000 Office Supplies Expense 5,000 Salaries Payable 9,000 Depreciation Expense-Office Equipment 4,000 Unearned Rent 6,000 Miscellaneous Administrative Expense 16,000 Notes Payable 50,000 Rent Revenue 32,500 Amy Gant, Capital 820,000 Interest Expense 2,500 Amy Gant, Drawing 275,000 Sales 6,590,000 3. Prepare the closing entries for Simkins Company as of June 30, 2019 in the order as presented in the chapter. For a compound transaction, if an amount box does require an entry, leave it blank. Account Debit Credit June 30 Merchandise Inventory v Estimated Returns Inventory v Sales v Purchases Returns and Allowances v Purchases Discounts v Rent Revenue v Merchandise Inventory v Purchases v Freight In v Sales Salaries Expense v Advertising Expense v Delivery Expense v Depreciation Expense-Store Equipment v Miscellaneous Selling Expense v Office Salaries Expense Rent Expense v Insurance Expense v Office Supplies Expense v

On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Cash $125,000 Purchases $4,100,000 Accounts Receivable 340,000 Purchases Returns and Allowances 32,000 Merchandise Inventory, July 1, 2018 415,000 Purchases Discounts 13,000 Estimated Returns Inventory 25,000 Freight In 45,000 Office Supplies 9,000 Sales Salaries Expense 580,000 Prepaid Insurance 18,000 Advertising Expense 315,000 Land 300,000 Delivery Expense 18,000 Store Equipment 550,000 Depreciation Expense-Store Equipment 12,000 Accumulated Depreciation-Store Equipment 190,000 Miscellaneous Selling Expense 28,000 Office Equipment 250,000 Office Salaries Expense 375,000 Accumulated Depreciation-Office Equipment 110,000 Rent Expense 43,000 Accounts Payable 85,000 Insurance Expense 17,000 Customer Refunds ayable 20,000 Office Supplies Expense 5,000 Salaries Payable 9,000 Depreciation Expense-Office Equipment 4,000 Unearned Rent 6,000 Miscellaneous Administrative Expense 16,000 Notes Payable 50,000 Rent Revenue 32,500 Amy Gant, Capital 820,000 Interest Expense 2,500 Amy Gant, Drawing 275,000 Sales 6,590,000 3. Prepare the closing entries for Simkins Company as of June 30, 2019 in the order as presented in the chapter. For a compound transaction, if an amount box does require an entry, leave it blank. Account Debit Credit June 30 Merchandise Inventory v Estimated Returns Inventory v Sales v Purchases Returns and Allowances v Purchases Discounts v Rent Revenue v Merchandise Inventory v Purchases v Freight In v Sales Salaries Expense v Advertising Expense v Delivery Expense v Depreciation Expense-Store Equipment v Miscellaneous Selling Expense v Office Salaries Expense Rent Expense v Insurance Expense v Office Supplies Expense v

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 9PB: On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as...
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On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Cash $125,000 Purchases $4,100,000 Accounts Receivable 340,000 Purchases Returns and Allowances 32,000 Merchandise Inventory, July 1, 2018 415,000 Purchases Discounts 13,000 Estimated Returns Inventory 25,000 Freight In 45,000 Office Supplies 9,000 Sales Salaries Expense 580,000 Prepaid Insurance 18,000 Advertising Expense 315,000 Land 300,000 Delivery Expense 18,000 Store Equipment 550,000 Depreciation Expense-Store Equipment 12,000 Accumulated Depreciation-Store Equipment 190,000 Miscellaneous Selling Expense 28,000 Office Equipment 250,000 Office Salaries Expense 375,000 Accumulated Depreciation-Office Equipment 110,000 Rent Expense 43,000 Accounts Payable 85,000 Insurance Expense 17,000 Customer Refunds ayable 20,000 Office Supplies Expense 5,000 Salaries Payable 9,000 Depreciation Expense-Office Equipment 4,000 Unearned Rent 6,000 Miscellaneous Administrative Expense 16,000 Notes Payable 50,000 Rent Revenue 32,500 Amy Gant, Capital 820,000 Interest Expense 2,500 Amy Gant, Drawing 275,000 Sales 6,590,000
Transcribed Image Text:On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Cash $125,000 Purchases $4,100,000 Accounts Receivable 340,000 Purchases Returns and Allowances 32,000 Merchandise Inventory, July 1, 2018 415,000 Purchases Discounts 13,000 Estimated Returns Inventory 25,000 Freight In 45,000 Office Supplies 9,000 Sales Salaries Expense 580,000 Prepaid Insurance 18,000 Advertising Expense 315,000 Land 300,000 Delivery Expense 18,000 Store Equipment 550,000 Depreciation Expense-Store Equipment 12,000 Accumulated Depreciation-Store Equipment 190,000 Miscellaneous Selling Expense 28,000 Office Equipment 250,000 Office Salaries Expense 375,000 Accumulated Depreciation-Office Equipment 110,000 Rent Expense 43,000 Accounts Payable 85,000 Insurance Expense 17,000 Customer Refunds ayable 20,000 Office Supplies Expense 5,000 Salaries Payable 9,000 Depreciation Expense-Office Equipment 4,000 Unearned Rent 6,000 Miscellaneous Administrative Expense 16,000 Notes Payable 50,000 Rent Revenue 32,500 Amy Gant, Capital 820,000 Interest Expense 2,500 Amy Gant, Drawing 275,000 Sales 6,590,000
3. Prepare the closing entries for Simkins Company as of June 30, 2019 in the order as presented in the chapter. For a compound transaction, if an amount box does require an entry, leave it blank. Account Debit Credit June 30 Merchandise Inventory v Estimated Returns Inventory v Sales v Purchases Returns and Allowances v Purchases Discounts v Rent Revenue v Merchandise Inventory v Purchases v Freight In v Sales Salaries Expense v Advertising Expense v Delivery Expense v Depreciation Expense-Store Equipment v Miscellaneous Selling Expense v Office Salaries Expense Rent Expense v Insurance Expense v Office Supplies Expense v
Transcribed Image Text:3. Prepare the closing entries for Simkins Company as of June 30, 2019 in the order as presented in the chapter. For a compound transaction, if an amount box does require an entry, leave it blank. Account Debit Credit June 30 Merchandise Inventory v Estimated Returns Inventory v Sales v Purchases Returns and Allowances v Purchases Discounts v Rent Revenue v Merchandise Inventory v Purchases v Freight In v Sales Salaries Expense v Advertising Expense v Delivery Expense v Depreciation Expense-Store Equipment v Miscellaneous Selling Expense v Office Salaries Expense Rent Expense v Insurance Expense v Office Supplies Expense v
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