Riverbed Company had the following account balances at year-end: Cost of Goods Sold $62,380, Inventory $14,410, Utilities Expense $32,500, Sales Revenue $126,790, Sales Discounts $1,170, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $12,360. They use the perpetual inventory system. (a) Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (b) Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 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 (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))
Riverbed Company had the following account balances at year-end: Cost of Goods Sold $62,380, Inventory $14,410, Utilities Expense $32,500, Sales Revenue $126,790, Sales Discounts $1,170, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $12,360. They use the perpetual inventory system.
(a)
Prepare the
|
Account Titles and Explanation |
Debit |
Credit |
|
enter an account title |
enter a debit amount |
enter a credit amount |
|
enter an account title |
enter a debit amount |
enter a credit amount |
(b)
Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
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 |
|
(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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