Question: I need help with journal entry 6. On January 1, 2018, Displays Incorporated has the following account balances Debit Credit Accounts Cash Accounts Receivable Supplies

I need help with journal entry 6.

I need help with journal entry 6. On January 1, 2018, DisplaysIncorporated has the following account balances Debit Credit Accounts Cash Accounts ReceivableSupplies Inventory Land Accounts Payable Notes Payable (7%, due next year) Common

On January 1, 2018, Displays Incorporated has the following account balances Debit Credit Accounts Cash Accounts Receivable Supplies Inventory Land Accounts Payable Notes Payable (7%, due next year) Common Stock Retained Earnings $ 26,000 23,000 29,000 66,000 231,000 26,e00 24,000 190,000 135,800 $ 375,000 375,000 Totals From January 1 to December 31, the following summary transactions occur a. Purchased inventory on account for $334,000 b. Sold inventory on account for $590,000. The cost of the inventory sold was $314,000 C. Received $556,000 from customers on accounts receivable d. Paid freight on inventory received, $28,000 e. Paid $324,000 to inventory suppliers on accounts payable of $333,000. The difference reflects purchase discounts of $9,000 f. Paid rent for the current year, $46,000 g. Paid salaries for the current year, $154,000 Year-end adjusting entries a. Supplies on hand at the end of the year are $7,000 b. Accrued interest expense on notes payable for the year c. Accrued income taxes at the end of January are $22,000

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