Presented below are selected account balances for Johnson Co. as of December 31, 2020. Inventory 12/31/20 $60,050 Cost of Goods Sold $229,610 Common Stock 74,370 Selling Expenses 15,940 Retained Earnings 45,010 Administrative Expenses 37,625 Dividends 17,920 Income Tax Expense 29,930 Sales Returns and Allowances 12,116 Sales Discounts 14,740 Sales Revenue 410,200 Prepare closing entries for Johnson Co. on December 31, 2020.
Presented below are selected account balances for Johnson Co. as of December 31, 2020. Inventory 12/31/20 $60,050 Cost of Goods Sold $229,610 Common Stock 74,370 Selling Expenses 15,940 Retained Earnings 45,010 Administrative Expenses 37,625 Dividends 17,920 Income Tax Expense 29,930 Sales Returns and Allowances 12,116 Sales Discounts 14,740 Sales Revenue 410,200 Prepare closing entries for Johnson Co. on December 31, 2020.
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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Presented below are selected account balances for Johnson Co. as of December 31, 2020.
Inventory 12/31/20
|
$60,050 |
Cost of Goods Sold
|
$229,610 | |||
---|---|---|---|---|---|---|
Common Stock
|
74,370 |
Selling Expenses
|
15,940 | |||
|
45,010 |
Administrative Expenses
|
37,625 | |||
Dividends
|
17,920 |
Income Tax Expense
|
29,930 | |||
Sales Returns and Allowances
|
12,116 | |||||
Sales Discounts
|
14,740 | |||||
Sales Revenue
|
410,200 |
Prepare closing entries for Johnson Co. on December 31, 2020.
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