Selected accounts for Sage Hill Inc. a private company following ASPE, as at December 31, 2020, are
Question:
Selected accounts for Sage Hill Inc. a private company following ASPE, as at December 31, 2020, are as follows:
Inventory | $57,300 | Sales Returns and Allowances | $2,230 | |||
|---|---|---|---|---|---|---|
FV-NI Investments | 23,900 | Cost of Goods Sold | 216,000 | |||
Retained Earnings | 45,800 | Administrative Expenses | 30,850 | |||
Dividends | 18,300 | Income Tax Expense | 30,600 | |||
Sales Revenue | 390,400 | Investment Income | 2,920 | |||
Sales Discounts | 5,150 |
Prepare closing entries for Sage Hill Inc. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
|---|---|---|
enter an account title to close revenue accounts | enter a debit amount | enter a credit amount |
enter an account title to close revenue accounts | enter a debit amount | enter a credit amount |
enter an account title to close revenue accounts | enter a debit amount | enter a credit amount |
(To close revenue accounts) | ||
enter an account title to close expense accounts | enter a debit amount | enter a credit amount |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount |
(To close expense accounts) | ||
enter an account title to close income summary | enter a debit amount | enter a credit amount |
enter an account title to close income summary | enter a debit amount | enter a credit amount |
(To close income summary) | ||
enter an account title to close dividends | enter a debit amount | enter a credit amount |
enter an account title to close dividends | enter a debit amount | enter a credit amount |
(To close dividends) |
Expert Answer:
Sales revenue 390400 sales discount 5150 Sales return and allowance 2230 Net sal... View the full answer
