The trial balance of Alagoass Boutique at December 31 shows Inventory R$21,000, Sales Revenue R$156,000, Sales Returns
Question:
The trial balance of Alagoas’s Boutique at December 31 shows Inventory R$21,000, Sales Revenue R$156,000, Sales Returns and Allowances R$4,000, Sales Discounts R$3,000, Cost of Goods Sold R$92,400, Interest Revenue R$3,000, Freight-Out R$1,900, Utilities Expense R$7,400, and Salaries and Wages Expense R$19,500. Prepare the closing entries for Alagoas.
Step by Step Answer:
Dec 31 Sales Revenue 156000 Interest Revenue 3000 ...View the full answer
Financial Accounting IFRS
ISBN: 978-1118285909
2nd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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