31. 10/31 unrecorded salaries for the end ofthe month (Wednesday) is $240 32. th

Question

   31. 10/31 unrecorded salaries for the end ofthe month (Wednesday) is $240

32.       the following are the end ofmonth balances for a partial trial balance on 11/30, preparethe   necessary closingentries:      

Account Name

Debit

Credit

Sales

$750,000

Insurance Expense

$52,000

Depreciation Expense

$55,200

Salaries Expense

$200,000

Rent Expense

$10,400

Supplies expense

$ 25,800

Postage Expense

$1,240

Advertising Expense

$3,000

  

33-35.   Prepare the necessary journal entries:

33. Bought $5,000 worth of inventory on 05/01 terms 2/10n30

34. Returned $500 worth of the inventory on 05/05

35. Paid for the inventory on 05/08

Account Name

Debit

Credit

Sales

$750,000

Insurance Expense

$52,000

Depreciation Expense

$55,200

Salaries Expense

$200,000

Rent Expense

$10,400

Supplies expense

$ 25,800

Postage Expense

$1,240

Advertising Expense

$3,000

Explanation / Answer

33) Debit: Inventory 5000 Credit: Accounts Payable 5000 34) Debit: Accounts Payable 500 Credit: Inventory 500 35) Debit: Accounts Payable 4500 Credit: Cash 4500

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