Valley Companys adjusted trial balance on August 31, 2017, its fiscal year-end, follows. On August 31, 2016,
Question:
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows.
On August 31, 2016, merchandise inventory was $25,800. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs.
Required:
1. Prepare closing entries as of August 31, 2017 (the perpetual inventory system is used).
Here are the options:
Accounts payable
Accounts receivable
Accumulated depreciation
Additional paid-in capital
Advertising expense
Bond premium
Bonds payable
Building
Cash
Cost of goods sold
Delivery expense
Depreciation expense
Discount on bonds payable
Goodwill
Income summary
Interest expense
Interest income
Interest payable
Interest receivable
Inventory
K. Valley, Capital
K. Valley, Withdrawals
Land
Merchandise inventory
Miscellaneous expenses
Office salaries expense
Office supplies expense
Rent expense—Office space
Rent expense—Selling space
Sales
Sales discounts
Sales returns and allowances
Sales salaries expense
Store supplies expense
Financial Accounting Information for Decisions
ISBN: 978-1259917042
9th edition
Authors: John J. Wild