Presented below are year-end adjusted account balances for Bramble Co. Insurance expense $11,350 Salaries and wages expense 59,490 Rent expense 21,230 Sales discounts 12,280 Inventory 26,150 Sales returns and allowances 15,080 Cost of goods sold 208,840 Sales revenue 403,740 Freight-out 6,680 Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title to close accounts with credit balances enter a debit amount enter a credit amount enter an account title to close accounts with credit balances enter a debit amount enter a credit amount (To close accounts with credit balances) enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount (To close accounts with debit balances) enter an account title to close net income or loss enter a debit amount enter a credit amount enter an account title to close net income or loss enter a debit amount enter a credit amount (To close net income / (loss))

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 12E: Using the data in Exercise 9-11, assume that the allowance for doubtful accounts for Selbys Bike Co....

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Presented below are year-end adjusted account balances for Bramble Co.

Insurance expense	$11,350	Salaries and wages expense	59,490
Rent expense	21,230	Sales discounts	12,280
Inventory	26,150	Sales returns and allowances	15,080
Cost of goods sold	208,840	Sales revenue	403,740
Freight-out	6,680

Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
enter an account title to close accounts with credit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with credit balances	enter a debit amount	enter a credit amount
(To close accounts with credit balances)
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
enter an account title to close accounts with debit balances	enter a debit amount	enter a credit amount
(To close accounts with debit balances)
enter an account title to close net income or loss	enter a debit amount	enter a credit amount
enter an account title to close net income or loss	enter a debit amount	enter a credit amount
(To close net income / (loss))

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