ezto.mheducation Solved: Use the information in Exercise 28 except assume that C
ID: 2549157 • Letter: E
Question
ezto.mheducation Solved: Use the information in Exercise 28 except assume that Cheg9.com The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2015, unadjusted trial balance of Deacon Co., a business owned by Julie Deacon. Use these account balances along with the additional information to journalize (a) adjusting entries and (b) closing entries. Deacon Co. uses a perpetual inventory system. (Omit the "$" sign in your response.) Debit Credit Merchandise inventory Prepaid selling expenses J.Deacon, Withdrawals Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses 28,000 5,000 2,200 $ 429,000 16,500 4,000 211,000 47,000 4,000 35,000 95,000 Additional Information Accrued sales salaries amount to $1,600. Prepaid selling expenses of $2,000 have expired. A physical count of year-end merchandise inventory shows $27,450 of goods still available. Deacon Co. uses a perpetual inventory system. Using the above account balances and the additional information prepare adjusting entries. (Omit the "" sign in your response.) Date Dec. 31 General Journal Debit Credit (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select)Explanation / Answer
Answer:
1
Date
Description
Debit $
Credit $
31-Dec
Sales Salary expanses
1600
Salary Payable
1600
31-Dec
Sellind expanses
2000
Prepaid selling expanses
2000
31-Dec
Cost of goods sold (28000-27450)
550
Merchandise inventory
550
___________________________________
2
Date
Description
Debit $
Credit $
31-Dec
Sales
429000
Income summary.
429000
31-Dec
Income summary.
426650
Sales returns and allowances
16500
Sales discounts
4000
Cost of goods sold (211000+550)
211550
Sales salaries expense (47000+1600)
48600
Utilities expense
14000
Selling expenses(35000+2000)
37000
Administrative expenses
95000
31-Dec
Income summary.
2350
Retained earning
2350
31-Dec
Retained earning
2200
J. Decon Withdrowal
2200
Date
Description
Debit $
Credit $
31-Dec
Sales Salary expanses
1600
Salary Payable
1600
31-Dec
Sellind expanses
2000
Prepaid selling expanses
2000
31-Dec
Cost of goods sold (28000-27450)
550
Merchandise inventory
550
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.