DER Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of...

  

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DER Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation (To close accounts with credit balances) (To close accounts with debit balances) Debit Credit Arndt Company provides the following information for the month ended October 31, 2020; sales on credit $280,000, cash sales $100,000, sales discounts $5,000, and sales returns and allowances $11,000. Prepare the sales section of the income statement based on this information. SHOW LIST OF ACCOUNTS LINK TO TEXT Arndt Company Income Statement (Partial) DER Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation (To close accounts with credit balances) (To close accounts with debit balances) Debit Credit Arndt Company provides the following information for the month ended October 31, 2020; sales on credit $280,000, cash sales $100,000, sales discounts $5,000, and sales returns and allowances $11,000. Prepare the sales section of the income statement based on this information. SHOW LIST OF ACCOUNTS LINK TO TEXT Arndt Company Income Statement (Partial)

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Account Titles and Explanation Sales revenue Income summary To close accoun... View the full answer