The trial balance of Ogilvys Boutique at December 31 shows Inventory $21,000, Sales Revenue $156,000, Sales Returns

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The trial balance of Ogilvy’s Boutique at December 31 shows Inventory $21,000, Sales Revenue $156,000, Sales Returns and Allowances $4,000, Sales Discounts $3,000, Cost of Goods Sold $92,400, Interest Revenue $5,000, Freight-out $1,500, Utilities Expense $7,400, and Salaries and Wages Expense $19,500. Prepare the closing entries for Ogilvy.

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Accounting Principles

ISBN: 978-0470534793

10th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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