Chicken Hawk Co. has sales $365, operating expenses $105, wages expense $65, fre

Question

Chicken Hawk Co. has sales $365, operating expenses $105, wages expense $65, freight out $8, purchases $80, purchases returns $11, purchases discounts $4, freight-in $9 and a gain of $17 for the year ended December 31, 20xx. The beginning inventory is $10 and the ending inventory is $16. 9. Prepare the journal entry to close the credit balance temporary accounts. Don’t forget to adjust ending balance of inventory as part of this entry. 10. Prepare the journal entry to close the debit balance temporary accounts. Don’t forget to adjust the beginning balance of inventory.

Explanation / Answer

(a) Closing Stock 16.9

Sales 365

Gain 17

To Profit and Loss 398.90

(b) Profit and Loss 262

  

Operating expenses 105 wages expenses 65 freight out 8 purchases 80 purchase return -11 purchase discount -4 freight in 9 op stock 10

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