Home Goods Retail Company has the following merchandise account balances at its September 30 year end: Cost
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Home Goods Retail Company has the following merchandise account balances at its September 30 year end:
Cost of goods sold…………………….$125,000………….Sales………………….............…….$218,750
Freight out…………………………………1,900………….Sales discounts………………...............…. 950
Merchandise inventory……………...22,000………….Sales returns and allowances …... 3,150
Salaries expense…………………………..40,000…………Supplies…………………….............…. 2,500
Prepare the entries to close the appropriate accounts to the Income Summary account.
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Sept 30 Sales 218750 Income Summary 218750 30 Income Summa...View the full answer
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Related Book For
Accounting Principles Part 1
ISBN: 978-1118306789
6th Canadian edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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