Refer to QS 5-6 and prepare journal entries to close the balances in temporary revenue and expense

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Refer to QS 5-6 and prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage that is made to solve QS5-6.

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Fundamental Accounting Principles

ISBN: 978-0078110870

20th Edition

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

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Question Posted: Dec 27, 2012 01:18 AM

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Refer to QS 5-6 and prepare journal entries to close the balances in temporary revenue and expense

Question:

Merchandise inventory34.800 Sales returns and allowances .$ 3,500 15.300 Cost of goods sold ..._102.000 T. Nix. Withdrawals .. 7 7.300 29,500 2,000 T. Nix, Capital 7000 Depreciation expense 57,200 Salaries expense Sales discounts .. 1.700 Miscellaneous expenses..

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July 31 Sales 157200 Income Summary 157200 To close temporary accounts with ...View the full answer

Fundamental Accounting Principles

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