United Rug Company is a small rug retailer owned and operated by Pat Kirwan. After the accounts have been adjusted on December 31, the following selected account balances were taken from the ledger: Advertising Expense. Depreciation Expense Freight In..... Merchandise Inventory, January 1 36,000 13,000 17,000 375,000 Merchandise Inventory, December 31... 460,000 Miscellaneous Expense 9,000 Purchases... 1,760,000 Purchases Discounts. 35,000 Purchases Returns and Allowances 45,000 Pat Kirwan, Drawing. 65,000 Salaries Expense 375,000 Sales 2,220,000 The estimated cost of merchandise returns from December sales is $20,000. Journalize the closing entries on December 31.
United Rug Company is a small rug retailer owned and operated by Pat Kirwan. After the accounts have been adjusted on December 31, the following selected account balances were taken from the ledger: Advertising Expense. Depreciation Expense Freight In..... Merchandise Inventory, January 1 36,000 13,000 17,000 375,000 Merchandise Inventory, December 31... 460,000 Miscellaneous Expense 9,000 Purchases... 1,760,000 Purchases Discounts. 35,000 Purchases Returns and Allowances 45,000 Pat Kirwan, Drawing. 65,000 Salaries Expense 375,000 Sales 2,220,000 The estimated cost of merchandise returns from December sales is $20,000. Journalize the closing entries on December 31.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 24EA: Post the following November transactions to T-accounts for Accounts Payable and Inventory,...
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