Cruisers Boat Supply uses the periodic inventory method. The adjusted trial balance of Cruisers Boat Supply at
Question:
Cruiser’s Boat Supply uses the periodic inventory method. The adjusted trial Âbalance of Cruiser’s Boat Supply at December 31, 2015, follows:
Requirements
1. Journalize the required closing entries at December 31, 2015. Assume ending Merchandise Inventory is $ 53,260.
2. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts and calculate their ending balances.
3. How much was Cruiser’s net income or netloss?
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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