HORNGREN'S FIN.+...V.1(LL)-W/ACCESS >C<
16th Edition
ISBN: 9781323169360
Author: MILLER-NOBLES
Publisher: PEARSON C
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Textbook Question
Chapter 5, Problem 5.7SE
Journalizing closing entries
Rockwall RV Center’s accounting records include the following accounts at December 31, 2016.
| Cost of Goods Sold | $368,000 |
| Accounts Payable | 20,000 |
| Rent Expense | 23,000 |
| Building | 115,000 |
| Common Stock | 132,000 |
| 46,400 | |
| Merchandise Inventory | 238,400 |
| Sales Returns and Allowances | 40,000 |
| Notes Receivable | 37,000 |
| $40,000 | |
| Cash | 54,00 |
| Sales Revenue | 710,000 |
| Depreciation Expense-Building | 16,000 |
| Dividends | 55,000 |
| Sales Discounts | 6,000 |
| Interest Revenue | 4000 |
Requirements
1. Journalize the required closing entries for Rockwall.
2. Determine the ending balance in the Retained Earnings account.
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Students have asked these similar questions
a. Prepare the closing entries for Donovan Co. taken from the following ledger information after adjustment on December 31, 2011 the end of the fiscal year. Accounts Payable $ 47,200 Accounts Receivable 64,300 Accumulated Depreciation 22,750 Administrative Expenses 75,500 Capital Stock 141,750 Cash 39,700 Cost of Merchandise Sold 545,000 Dividends 42,000 Interest Expense 9,000 Merchandise Inventory 93,250 Rent Revenue 7,500 Office Equipment 49,750 Sales 820,500 Selling Expenses 101,500 Depreciation Expenses 6,500 b. What inventory system does Donovan Company use? Periodic or Perpetual?
Closing Entries; Net Income
On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows:
Accumulated Depreciation—Building
$779,200
Merchandise Inventory
$998,450
Administrative Expenses
523,950
Notes Payable
256,900
Building
2,486,050
Office Supplies
19,900
Cash
182,450
Salaries Payable
8,400
Cost of Merchandise Sold
3,900,200
Sales
6,329,050
Interest Expense
9,800
Selling Expenses
712,600
Kathy Melman, Capital
1,643,750
Store Supplies
89,900
Kathy Melman, Drawing
173,650
Journalize the closing entries. If an amount box does not require an entry, leave it blank.
20Y4Mar. 31
Sales
fill in the blank 2
fill in the blank 3
Cost of Merchandise Sold
fill in the blank 5
fill in the blank 6
Selling Expenses
fill in the blank 8
fill in the blank 9
Administrative Expenses
fill in the blank 11
fill in the blank 12
Interest Expense
fill in the blank…
I need the closing entries using this information
J. D. EnterpriseWork 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)…
Chapter 5 Solutions
HORNGREN'S FIN.+...V.1(LL)-W/ACCESS >C<
Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - The two main inventory accounting systems are the...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC Manufacturing purchase d inventory for 5,300...Ch. 5 - Prob. 5QCCh. 5 - Suppose Daves Discounts Merchandise Inventory...Ch. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Prob. 9QCCh. 5 - The journal entry for the purchase of inventory on...
Ch. 5 - What is a merchandiser, and what is the name of...Ch. 5 - Prob. 2RQCh. 5 - Describe the operating cycle of a merchandiser.Ch. 5 - What is Cost of Goods Sold (COGS), and where is it...Ch. 5 - How is gross profit calculated, and what does it...Ch. 5 - What are the two types of inventory accounting...Ch. 5 - What is an invoice?Ch. 5 - What account is debited when recording a purchase...Ch. 5 - Prob. 9RQCh. 5 - What is a purchase return? How does a purchase...Ch. 5 - Prob. 11RQCh. 5 - How is the net cost of inventory calculated?Ch. 5 - What are the two journal entries involved when...Ch. 5 - When granting a sales allowance, is there a return...Ch. 5 - Prob. 15RQCh. 5 - Prob. 16RQCh. 5 - Prob. 17RQCh. 5 - What are the four steps involved in the closing...Ch. 5 - Prob. 19RQCh. 5 - Prob. 20RQCh. 5 - Prob. 21RQCh. 5 - Prob. 22RQCh. 5 - Prob. 23ARQCh. 5 - When recording purchase returns and purchase...Ch. 5 - What account is debited when recording the payment...Ch. 5 - Prob. 26ARQCh. 5 - Is an adjusting entry needed for inventory...Ch. 5 - Highlight the differences in the closing process...Ch. 5 - Describe the calculation of cost of goods sold...Ch. 5 - Comparing periodic and perpetual inventory systems...Ch. 5 - Journalizing purchase transactions Consider the...Ch. 5 - Journalizing purchase transactions Consider the...Ch. 5 - Journalizing sales transactions Journalize the...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Adjusting for inventory shrinkage Carlas...Ch. 5 - Journalizing closing entries Rockwall RV Centers...Ch. 5 - Use the following information to answer Short...Ch. 5 - Use the following information to answer Short...Ch. 5 - Computing the gross profit percentage Morris...Ch. 5 - Journalizing purchase transactions-periodic...Ch. 5 - Prob. 5.12SECh. 5 - Journalizing closing entries-periodic inventory...Ch. 5 - Computing cost of goods sold in a periodic...Ch. 5 - For all exercises, assume the perpetual inventory...Ch. 5 - Journalizing purchase transactions from an invoice...Ch. 5 - Journalizing purchase transactions Hartford...Ch. 5 - Computing missing amounts Consider the following...Ch. 5 - Journalizing sales transactions Journalize the...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Journalizing adjusting entries and computing gross...Ch. 5 - Use the following information to answer Exercises...Ch. 5 - Prob. 5.23ECh. 5 - Use the following information to answer Exercises...Ch. 5 - Computing the gross profit percentage Cupcake...Ch. 5 - Journalizing purchase transactionsperiodic...Ch. 5 - Journalizing sales transactions-periodic inventory...Ch. 5 - Journalizing purchase and sales...Ch. 5 - Journalizing dosing entries-periodic inventory...Ch. 5 - Computing cost of goods sold in a periodic...Ch. 5 - Journalizing purchase and sale transactions...Ch. 5 - Journalizing purchase and sale transactions...Ch. 5 - Preparing a multi-step income statement,...Ch. 5 - Journalizing adjusting entries, preparing adjusted...Ch. 5 - Preparing a single-step income statement,...Ch. 5 - Journalizing purchase and sale...Ch. 5 - A Preparing a multi-step income statement and...Ch. 5 - Journalizing purchase and sale transactions...Ch. 5 - Prob. 5.39BPCh. 5 - Prob. 5.40BPCh. 5 - Journalizing adjusting entries, preparing adjusted...Ch. 5 - Prob. 5.42BPCh. 5 - Prob. 5.43BPCh. 5 - Preparing a multi-step income statement and...Ch. 5 - Journalizing purchase and sale transactions,...Ch. 5 - Journalizing purchase and sale transactions,...Ch. 5 - Comprehensive Problem for Chapters 1-5 Completing...Ch. 5 - Prob. 5.1CTDCCh. 5 - Dobbs Wholesale Antiques makes all sales under...Ch. 5 - Rae Philippe was a warehouse manager for Atkins...Ch. 5 - Prob. 5.1CTFSC
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