Pyramid Company is a small rug retailer owned and operated by Rosemary Endecott. After the accounts have
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Advertising Expense............... $40,000
Depreciation Expense................ 15,000
Dividends.................... 60,000
Freight in..................... 8,000
Merchandise Inventory, January 1.......... 250,000
Merchandise Inventory, January 31........... 300,000
Miscellaneous Expense............... 29,000
Purchases..................... 750,000
Purchases Discounts................ 12,000
Purchases Returns and Allowances.......... 8,000
Salaries Expense.................. 175,000
Sales..................... 1,200,000
Sales Discounts................. 20,000
Sales Returns and Allowances.............. 30,000
Journalize the closing entries on January 31.
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Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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