Question

Pyramid Company is a small rug retailer owned and operated by Rosemary Endecott. After the accounts have been adjusted on January 31, the following selected account balances were taken from the ledger:
Advertising Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,000
Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000
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
Rosemary Endecott, Drawing. . . . . . . . . . . . . . . . . . . . . . . 60,000
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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  • CreatedMay 07, 2012
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