The following selected information is for Sandhill Company for the year ended January 31, 2024: Delivery expense
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The following selected information is for Sandhill Company for the year ended January 31, 2024:
Delivery expense $7,400
Freight in $6,900
Insurance expense $12,800
Interest expense $7000
Merchandise inventory, beginning $61,500
Merchandise inventory, ending $48,000
O. G. Walker, capital
$105,000
O. G. Walker, drawings
$42,100
Purchases $214,000
Purchase discounts
$12,800
Purchase returns and allowances $16,000
Rent expense $20,400
Salaries expense $60,500
Salaries payable $2,500
Sales $320,000
Sales discounts $14,800
Sales returns and allowances $20,200
Unearned revenue $4,500
Prepare closing entries. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.)
Date: Jan.31
Account Titles
Credit and Debit I have 5 spaces. (To close income statement accounts with credit balances and record ending inventory.) Date Jan.31 debit and credit I have 2 space. (To close Income Summary.) Date Jan.31 debit and credit I have 2 space (To close Income Summary.) Can you answer it please
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