Cash $ 240,000 Common Stock Accounts Receivable 966,000 Inventory 1,690,000 Retained Earnings Dividends $ 500,000 2,949,100...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Cash $ 240,000 Common Stock Accounts Receivable 966,000 Inventory 1,690,000 Retained Earnings Dividends $ 500,000 2,949,100 100,000 Estimated Returns Inventory 22,500 Sales 11,343,000 Office Supplies 13,500 Cost of Goods Sold 7,850,000 Prepaid Insurance 8,000 Sales Salaries Expense 916,000 Office Equipment 830,000 Advertising Expense 550,000 Accumulated Depreciation- Depreciation Expense- Office Equipment 550,000 Store Equipment 140,000 Store Equipment 3,600,000 Miscellaneous Selling Expense 38,000 Accumulated Depreciation- Office Salaries Expense 650,000 Store Equipment 1,820,000 Rent Expense 94,000 Accounts Payable 321,000 Depreciation Expense- Salaries Payable 41,500 Office Equipment 50,000 Customer Refunds Payable 40,000 Insurance Expense 48,000 Estimated Coupons Payable 5,000 Office Supplies Expense 28,100 Note Payable Miscellaneous Administrative Exp. 14,500 (final payment due in 6 years) 300,000 Interest Expense 21,000 4. Journalize the closing entries as of May 31, 20Y2. Cash $ 240,000 Common Stock Accounts Receivable 966,000 Inventory 1,690,000 Retained Earnings Dividends $ 500,000 2,949,100 100,000 Estimated Returns Inventory 22,500 Sales 11,343,000 Office Supplies 13,500 Cost of Goods Sold 7,850,000 Prepaid Insurance 8,000 Sales Salaries Expense 916,000 Office Equipment 830,000 Advertising Expense 550,000 Accumulated Depreciation- Depreciation Expense- Office Equipment 550,000 Store Equipment 140,000 Store Equipment 3,600,000 Miscellaneous Selling Expense 38,000 Accumulated Depreciation- Office Salaries Expense 650,000 Store Equipment 1,820,000 Rent Expense 94,000 Accounts Payable 321,000 Depreciation Expense- Salaries Payable 41,500 Office Equipment 50,000 Customer Refunds Payable 40,000 Insurance Expense 48,000 Estimated Coupons Payable 5,000 Office Supplies Expense 28,100 Note Payable Miscellaneous Administrative Exp. 14,500 (final payment due in 6 years) 300,000 Interest Expense 21,000 4. Journalize the closing entries as of May 31, 20Y2.
Expert Answer:
Answer rating: 100% (QA)
To journalize the closing entries as of May 31 2012 we need to transfer the balance... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Determine the transfer function from U(s) to Y(s) for the following block diagram. Provided are some recommended steps to take: a. Label each signal (line with arrow) b. Write the equation for each...
-
I need help on this read from bottom to top. Image transcription text 7"} The second ?nancial statement to prepare is the statement of retained earnings. To determine the ending balance of...
-
Write the answers in scientific notation. If K (2.410) (1.91011)
-
Parent Ltd owns 80% of Subsidiary Ltd. In the financial year ended 30 June 20X2, Subsidiary Ltd sold inventory to Parent Ltd. Details regarding the transaction are as follows: Cost to Subsidiary to...
-
Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses: Airfare. $...
-
In Fig. 13-37a, particle A is fixed in place at x = 0.20 m on the x axis and particle B, with a mass of 1.0 kg, is fixed in place at the origin. Particle C (not shown) can be moved along the x axis,...
-
What are the three tenets of ethical behavior?
-
Osage Corporation issued 2,000 shares of stock. Instructions Prepare the entry for the issuance under the following assumptions. (a) The stock had a par value of $5 per share and was issued for a...
-
Study: The bait-and-switch technique involves gaining a commitment from someone to engage in an activity, then making the activity unavailable and offering them a more costly arrangement. For...
-
Which of the following describes the effects of a claims exchange transaction on a companys financial statements? Assets = Liab. + Equity Rev. - Exp. = Net Inc. Cash Flow A. NA = NA + NA NA - NA = NA...
-
See the below data: Respondent Gender Height Weight Age 1 F 63.30 156.30 Less than 18 years 2 F 57.00 100.70 Less than 18 years 3 M 63.00 156.30 Less than 18 years 4 M 71.00 237.10 Less than 18 years...
-
A square footing of size 8 8 m is founded at a depth of 2 m below the ground surface in loose to medium dense sand. Standard penetration tests conducted at the site gave the following corrected N60...
-
A property could be sold today for $2.08 million. It has a loan balance of $1.16 million and, if sold, the investor would incur a capital gains tax of $266,000. The investor has determined that if it...
-
2. You plan on retiring in 30 years and believe it is time to start making annual contributions to a retirement account. (a) How much will you have in your retirement account if you deposit $2800...
-
1. You have some savings in a bank which is earning a 3.5% rate of interest. You want to begin a retirement fund for yourself by investing in the stock market. You believe you will need $350,000 to...
-
The State Superintendent of Schools consistently states that the average salary of all substitute teachers in every school district is at least $60 per day. The president of the teachers' union...
-
Per Bag Direct materials: 25 pounds of CWhiz-2000 @ $0.08/lb. = $ 2.00 Direct labor: 0.05 hour @ $32.00/hr. = $ 1.60 The company manufactured 100,000 bags of Cheese-Be-Good in December and used...
-
A system has the differential equations \(\left[\begin{array}{lll}5 & 0 & 0 \\ 0 & 3 & 0 \\ 0 & 0 & 2\end{array} ight]\left[\begin{array}{c}\ddot{x}_{1} \\ \ddot{x}_{2} \\ \ddot{x}_{3}\end{array}...
-
Lagranges equations are used to derive the differential equations for a three degree-of-freedom system resulting in \(\left[\begin{array}{lll}m_{11} & m_{12} & m_{13} \\ m_{21} & m_{22} & m_{23} \\...
-
The following data relate to the manufacturing activities of MilTech company during November: 1. Sales $400,000 2. Purchases $60,700 3. Expenses include: Light and power for manufacturing: $2,700 ...
Study smarter with the SolutionInn App