On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company,
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Question:
On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows:
Accumulated Depreciation—Building | $752,300 |
Administrative Expenses | 540,650 |
Building | 2,553,550 |
Cash | 167,750 |
Cost of Merchandise Sold | 3,964,300 |
Interest Expense | 10,200 |
Kathy Melman, Capital | 1,515,650 |
Kathy Melman, Drawing | 169,200 |
Merchandise Inventory | 981,650 |
Notes Payable | 255,650 |
Office Supplies | 20,150 |
Salaries Payable | 8,200 |
Sales | 6,235,450 |
Selling Expenses | 736,600 |
Store Supplies | 91,300 |
CHART OF ACCOUNTSDanns Furnishings CompanyGeneral Ledger
ASSETS | |
---|---|
110 | Cash |
130 | Merchandise Inventory |
140 | Office Supplies |
141 | Store Supplies |
190 | Building |
191 | Accumulated Depreciation-Building |
LIABILITIES | |
---|---|
216 | Salaries Payable |
221 | Notes Payable |
EQUITY | |
---|---|
310 | Kathy Melman, Capital |
311 | Kathy Melman, Drawing |
REVENUE | |
---|---|
410 | Sales |
EXPENSES | |
---|---|
510 | Cost of Merchandise Sold |
523 | Depreciation Expense |
526 | Salaries Expense |
539 | Selling Expenses |
540 | Administrative Expenses |
710 | Interest Expense |
Journalize the closing entries.
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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