Presented below is information related to Sarasota Co. for the month of January 2020. Ending inventory per Insurance expense $11,100 perpetual records $25,510 Rent expense 24,490 Ending inventory actually Salaries and wages expense 58,620 on hand 24,810 Sales discounts 10,360 Cost of goods sold 215,990 Sales returns and allowances 15,660 Freight-out 7,620 Sales revenue 419,490 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 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 (To close accounts with credit balances) (To close accounts with debit balances) (To close net income / (loss))
Presented below is information related to Sarasota Co. for the month of January 2020. Ending inventory per Insurance expense $11,100 perpetual records $25,510 Rent expense 24,490 Ending inventory actually Salaries and wages expense 58,620 on hand 24,810 Sales discounts 10,360 Cost of goods sold 215,990 Sales returns and allowances 15,660 Freight-out 7,620 Sales revenue 419,490 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 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 (To close accounts with credit balances) (To close accounts with debit balances) (To close net income / (loss))
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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