Sales revenue Cost of goods sold Salaries and wages expense (sales) Sales commission expense Advertising expense (sales) Freight out Entertainment expense (sales) Telephone and internet expense (sales) Depreciation of sales equipment Repairs and maintenance expense (sales) Miscellaneous expenses (sales) Supplies expense (office) Depreciation expense on office furniture and equipment $1,840,150 1,061,770 52,860 99,000 29,330 21,900 15,020 9,130 5.180 7.100 5.015 4,350 7.650 Telephone and Internet expense (office) Salaries and wages (office) Supplies expense (sales) Repairs and maintenance expense (office) Depreciation understatement due to error-2021 (net of tax of $3,300) Miscellaneous expense (office) Dividend revenue Interest expense Income tax expense Dividends declared on preferred shares Dividends declared on common shares $2,920 7420 5,650 9,630 18,200 6,500 39.900 19,400 133.200 10,365 32.100

Sales revenue Cost of goods sold Salaries and wages expense (sales) Sales commission expense Advertising expense (sales) Freight out Entertainment expense (sales) Telephone and internet expense (sales) Depreciation of sales equipment Repairs and maintenance expense (sales) Miscellaneous expenses (sales) Supplies expense (office) Depreciation expense on office furniture and equipment $1,840,150 1,061,770 52,860 99,000 29,330 21,900 15,020 9,130 5.180 7.100 5.015 4,350 7.650 Telephone and Internet expense (office) Salaries and wages (office) Supplies expense (sales) Repairs and maintenance expense (office) Depreciation understatement due to error-2021 (net of tax of $3,300) Miscellaneous expense (office) Dividend revenue Interest expense Income tax expense Dividends declared on preferred shares Dividends declared on common shares $2,920 7420 5,650 9,630 18,200 6,500 39.900 19,400 133.200 10,365 32.100

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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