On October 31, 2014, the balances of the accounts appearing in the ledger of Acorn Interiors Company,
Question:
Prepare the October 31, 2014, closing entries for Acorn InteriorsCompany.
Transcribed Image Text:
Accumulated Depr-Building Administrative Expenses Building Capital Stock Cash Cost of Merchandise Sold Dividends Interest Expense Merchandise Inventory Notes Payable Retained Earnings 125,000 105,000 1,375,000 20,000 13,000 3,000 140,000 23,000 12,000 $142,000 300,000 446,000 Sales 75,000 60,000 Sales Discounts Sales Returns and Allow 650,000 Sl Tax Payable 25,000 10,000 126,000 Selling Expenses Store Supplies Store Supplies Expense
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (15 reviews)
2014 Closing Entries Oct 31 Sales 1375000 Income Summary 1375000 31 Income Summary 1145000 Admini...View the full answer
Answered By
Morgan Njeri
Very Versatile especially in expressing Ideas in writings.
Passionate on my technical knowledge delivery.
Able to multitask and able to perform under pressure by handling multiple challenges that require time sensitive solution.
Writting articles and video editing.
Revise written materials to meet personal standards and satisfy clients demand.
Help Online Students with their course work.
4.90+
12+ Reviews
38+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Accounting questions
-
Suppose linear interpolation is used to approximate the function f(x) = 2 sin (2 z) over the interval 0
-
On December 31, 2012, the balances of the accounts appearing in the ledger of Warm Place Furnishings Company, a furniture wholesaler, are as follows: a. Prepare a multiple-step income statement for...
-
Relationship building is very important to marketers. Explain how these relationships are built and who are the people involved in this process. Please type your assignment as follows: o Font Size...
-
Start with the partial model in the file Ch19 P08 Build a Model.xls on the textbooks Web site. Maggies Magazines (MM) has straight nonconvertible bond that currently yield 9%. MMs stock sells for $22...
-
Teflon is a polymer formed by the polymerization of F2C === CF2. Draw the structure of a section of this polymer. What type of polymerization reaction is required to form it?
-
What are the typical steps legacy airlines take in restructuring?
-
ANSI X3.5-1970-the information system flowcharting standards published by the American National Standards Institute-defines four groups of flowchart symbols and illustrates conventions regarding...
-
IT, Inc., has adopted the balanced scorecard approach to motivate the managers of its product divisions to work toward the companywide goal of leading its industry in innovation. The corporations...
-
2 Which description applies to accumulated depreciation? It is the same account as depreciation expense. O It is added to the original cost of the asset to calculate book value. O It is reported on...
-
This exercise will give you experience developing an IFE matrix. Identifying and prioritizing factors to include in an IFE matrix fosters communication among functional and divisional managers....
-
Road Runner Tire Co.'s perpetual inventory records indicate that $1,498,200 of merchandise should be on hand on December 31, 2014. The physical inventory indicates that $1,483,750 of merchandise is...
-
The Home Depot reported the following data (in millions) in its recent financial statements: a. Determine the ratio of net sales to assets for The Home Depot for Year 2 and Year 1. Round to two...
-
Nalezny Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Nalezny Corp. requests you to convert its cash-basis...
-
A particle of mass m = 1 kg moves with an initial velocity of 1 m/s. It collides elastically with a second particle, of mass m = 2 kg, initially at rest. The angle between the initial trajectory and...
-
Four Seasons Company makes snow blowers. Materials are added at the beginning of the process and conversion costs are 60% completed. Other data for the September 2020 include: Beginning...
-
Motivating your partners along the distribution channel can be critical in order to get your product delivered timely and sold. If you were a marketing manager in charge of setting up the channels of...
-
Aliabilityis a future obligation and acurrent liabilityis a future obligation that is due within 1 year. A contingency can result in a gain or loss. What are the criteria to determine whether to...
-
1. Bellingham Company produces a product that requires16 standard pounds per unit. The standard price is $9.5per pound. If 3,300 units used 51,200 pounds, which were purchasedat $9.69 per pound, what...
-
Based on your answers to Problem 31-1, which nation has a comparative advantage in producing pastries? Which nation has a comparative advan- tage in producing sandwiches? Problem 31-1 To answer the...
-
According during to the IRS, individuals filing federal income tax returns prior to March 31 received an average refund of $1,088 in 2018. Consider the population of "last-minute" filers who mail...
-
Frangipani Fragrances currently reimburses its 40 salespeople for the use of their personal cars for the business. Cassandra, business sales manager, has been trying without success to persuade the...
-
Like most businesses, when Eagle Company renders services to another business, it is typical that the service is rendered "on account," rather than as a cash transaction. As a result, Eagle Company...
-
Cisco Systems, Inc., pioneered the concept of a "virtual close" of the financial records. A virtual close is described as follows: The traditional practice of closing a company's books on a monthly,...
-
For the past few years, your client, Freemont Medical Group (FMG), has operated a small medical practice. FMG's current annual revenues are $420,000. Because the accountant has been spending more and...
-
Part III: State St. Co. The State St. Co. has just gone public. Under a firm commitment agreement, the company received $17.64 for each of the 3.2 million shares sold. The initial offering price was...
-
Problem 12-6 Market Model The following three stocks are available in the market: E(R) B Stock A 11.1% 1.20 Stock B 13.0 1.00 Stock C 15.5 1.40 1 Market 14.5 Assume the market model is valid. a. The...
-
Question Content Area Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to five separate...
Study smarter with the SolutionInn App