Using the information in QS 18, prepare the closing entries. In QS 18 Merchandise inventory (January 1,
Question:
Using the information in QS 18, prepare the closing entries.
In QS 18
Merchandise inventory (January 1, 2014)........................................................... $ 40,000
Kay Bondar, capital............................................................................................. 102,000
Kay Bondar, withdrawals..................................................................................... 65,000
Sales.................................................................................................................... 450,000
Sales returns and allowances............................................................................... 27,000
Purchases............................................................................................................ 180,000
Purchase discounts.............................................................................................. 1,400
Transportation-in................................................................................................. 14,000
Merchandise inventory (December 31, 2014)...................................................... 22,000
Salaries expense.................................................................................................. 120,000
Depreciation expense........................................................................................... 31,000
Step by Step Answer:
Dec 31 Sales 450000 Purchase Discounts 1400 Merchandise Inv...View the full answer
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
