A partial work sheet for The Fan Shop is presented here. The merchandise inventory at the beginning
Question:
Required
1. Prepare an income statement.
2. Journalize the closingentries.
Transcribed Image Text:
The Fan Shop Work Sheet For Year Ended December 31, 20- INCOME STATEMENT DEBIT ACCOUNT NAME 24 Sales CREDIT 324,000.00 2s Sales Retums and Allowances 3400.00 2,707.00 26 Sales Discounts -2 purchases 30FreightIn 27 InterestInome 1,830.00 201490,00 29 Purchase Returns and Allowances 2,880.00 31 Weges Expense 32 Rent Expense 33 Commissions Expense 9,790.00 46,24000 12,610.00 8,310.00 1,842.00 854.00 les 3Interest Expense 523000054,580.00 37 Insurance 38Depreciation Expense, Building 9 Deprecistion Expense, Equipment 40 41 42 Net noome 1,240.00 4,600.00 2,600.00 347,983.00 383,290.00 35.307.00 383,280.00 333.290.00
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Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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