The following list includes selected permanent accounts and all of the temporary
ID: 2544009 • Letter: T
Question
The following list includes selected permanent accounts and all of the temporary accounts from the D trial balance of Emiko Co.. Emiko Co. uses a perpetual inventory system. 39,586e 7,580 52,888 Merchandise inventory Prepaid selling expenses Dividends Sales Sales returns and allowances Sales discounts Cost of goods soled Sales salaries expense Utilities expense Selling expenses $685,800 21,300 6,988 258,888 67,000 24,5e9 45,589 124,880 Administrative expenses Additional Information Accrued sales salaries amount to $1700. Prepaid selling expenses of $2,800 have expired. A physical co inventory shows $34.400 of goods still available (e) Use the above account balances along with the additional information, prepare the adjusting entries (b) Use the above account balances along Complete this question by entering your answers in the tabs below Required 1 Required 2 closing entries. Use the above account balances along with the additional information, prepare the Journal entry worksheet Prey 7of9 111 Next >Explanation / Answer
(a)
The following adjusting entries will be prepared using the given additional information:
(b)
After the above adjusting entries, the balance of sales salaries expense will increase by $1,700 and become $68,700, the balance of selling expenses will increase by $2,800 and become $48,300, and the balance of cost of goods sold will increase by $5,100 and become $255,100.
Prepare the closing entries as follows:
Date General Journal Debit Credit Dec. 31 Sales salaries expense 1700 Sales salaries payable 1700 Dec. 31 Selling expenses 2800 Prepaid selling expenses 2800 Dec. 31 Cost of goods sold (39,500 - 34,400) 5100 Merchandise Inventory 5100Related Questions
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