The Income Statement and Balance Sheet columns below are from the work sheet of a merchandising firm, J. D. Enterprise, for the year ended December 31, 20--. J. D. Enterprise Work Sheet (partial) For the year ended December 31, 20-- Account Title Income Statement Balance Sheet Debit Credit Debit Credit Cash 4,000 Accounts Receivable 12,500 Merchandise Inventory 8,000 Store Supplies 550 Office Supplies 300 Prepaid Insurance 750 Store Equipment 33,000 Accumulated Depreciation—Store Equipment 19,000 Office Equipment 9,000 Accumulated Depreciation—Office Equipment 5,000 Accounts Payable 9,000 Salaries Payable 200 Long-Term Notes Payable 18,000 J. D. Allen, Capital 25,300 J. D. Allen, Drawing 16,000 Income Summary 8,500 8,000 Sales 29,900 Sales Returns and Allowances 250 Purchases 11,500 Purchases Returns and Allowances 350 Purchases Discounts 200 Sales Salary Expense (selling) 4,600 Office Salary Expense (general) 3,500 Store Supplies Expense (selling) 650 Office Supplies Expense (general) 475 Insurance Expense (general) 525 Depreciation Expense—Store Equipment (selling) 400 Depreciation Expense—Office Equipment (general) 450 30,850 38,450 84,100 76,500 Net Income 7,600 7,600 38,450 38,450 84,100 84,100 Required: Prepare the closing entries for the merchandising firm. If an amount box does not require an entry, leave it blank.
The Income Statement and Balance Sheet columns below are from the work sheet of a merchandising firm, J. D. Enterprise, for the year ended December 31, 20--. J. D. Enterprise Work Sheet (partial) For the year ended December 31, 20-- Account Title Income Statement Balance Sheet Debit Credit Debit Credit Cash 4,000 Accounts Receivable 12,500 Merchandise Inventory 8,000 Store Supplies 550 Office Supplies 300 Prepaid Insurance 750 Store Equipment 33,000 Accumulated Depreciation—Store Equipment 19,000 Office Equipment 9,000 Accumulated Depreciation—Office Equipment 5,000 Accounts Payable 9,000 Salaries Payable 200 Long-Term Notes Payable 18,000 J. D. Allen, Capital 25,300 J. D. Allen, Drawing 16,000 Income Summary 8,500 8,000 Sales 29,900 Sales Returns and Allowances 250 Purchases 11,500 Purchases Returns and Allowances 350 Purchases Discounts 200 Sales Salary Expense (selling) 4,600 Office Salary Expense (general) 3,500 Store Supplies Expense (selling) 650 Office Supplies Expense (general) 475 Insurance Expense (general) 525 Depreciation Expense—Store Equipment (selling) 400 Depreciation Expense—Office Equipment (general) 450 30,850 38,450 84,100 76,500 Net Income 7,600 7,600 38,450 38,450 84,100 84,100 Required: Prepare the closing entries for the merchandising firm. If an amount box does not require an entry, leave it blank.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter12: Special Journals
Section: Chapter Questions
Problem 5TF: LO4 Purchases returns and allowances are recorded in the general journal.
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The Income Statement and Balance Sheet columns below are from the work sheet of a merchandising firm, J. D. Enterprise, for the year ended December 31, 20--.
J. D. Enterprise Work Sheet (partial) For the year ended December 31, 20-- |
||||
Account Title | Income Statement | Balance Sheet | ||
Debit | Credit | Debit | Credit | |
Cash | 4,000 | |||
12,500 | ||||
Merchandise Inventory | 8,000 | |||
Store Supplies | 550 | |||
Office Supplies | 300 | |||
Prepaid Insurance | 750 | |||
Store Equipment | 33,000 | |||
Accumulated |
19,000 | |||
Office Equipment | 9,000 | |||
Accumulated Depreciation—Office Equipment | 5,000 | |||
Accounts Payable | 9,000 | |||
Salaries Payable | 200 | |||
Long-Term Notes Payable | 18,000 | |||
J. D. Allen, Capital | 25,300 | |||
J. D. Allen, Drawing | 16,000 | |||
Income Summary | 8,500 | 8,000 | ||
Sales | 29,900 | |||
Sales Returns and Allowances | 250 | |||
Purchases | 11,500 | |||
Purchases Returns and Allowances | 350 | |||
Purchases Discounts | 200 | |||
Sales Salary Expense (selling) | 4,600 | |||
Office Salary Expense (general) | 3,500 | |||
Store Supplies Expense (selling) | 650 | |||
Office Supplies Expense (general) | 475 | |||
Insurance Expense (general) | 525 | |||
Depreciation Expense—Store Equipment (selling) | 400 | |||
Depreciation Expense—Office Equipment (general) | 450 | |||
30,850 | 38,450 | 84,100 | 76,500 | |
Net Income | 7,600 | 7,600 | ||
38,450 | 38,450 | 84,100 | 84,100 |
Required:
Prepare the closing entries for the merchandising firm. If an amount box does not require an entry, leave it blank.
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