Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem S5B.16SE
Journalizing closing entries-periodic inventory system
Learning Objective 8 Appendix 58
D & T printing supplies’s accounting records include the following accounts at December 31, 2018.
| Purchases | $ 185,200 | Accumulated |
$ 21, 000 |
| Accounts Payable | 7,700 | Cash | 18,100 |
| Rent Expense | 8,600 | Sales Revenue | 275,800 |
| Building | 42,800 | Depreciation Expense-Building | 4,700 |
| Treat, Capital | 85,400 | Treat, Withdrawals | 26,500 |
| Merchandise Inventory, Beginning | 119,000 | Interest Expense | 1,900 |
| Notes Payable | 11,300 | Merchandise Inventory, Beginning | 102,100 |
| Purchases Discounts | 2,900 | Purchase Returns and allowances | 20,700 |
Requirements
- Journalize the required closing entries for D & T Printing Supplies assuming that D & T uses the periodic inventory system.
- Determine the ending balance in the capital account.
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Chapter 5 Solutions
Horngren's Accounting (12th Edition)
Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - 2. The two main inventory accounting system are...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC manufacturing purchased inventory for $5,300...Ch. 5 - Austin sold inventory for $2/10, n/30. Cost of...Ch. 5 - Prob. 6QCCh. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Assume Juniper Natural Dyes made Net Sales Revenue...Ch. 5 - Prob. 10AQC
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