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A physical inventory taken at year end indicated that there was $125,000 on hand. The Estimated Returns Inventory is $8,200. Depreciation for the year is
A physical inventory taken at year end indicated that there was $125,000 on hand. The Estimated Returns Inventory is $8,200. Depreciation for the year is $24,500. On December 31, the close of the fiscal year, the balances of selected accounts appearing in the ledger of Broxton Gallery, an art retailer, are as follows:
Inventory $115,000 Accumulated Depr.-Building Administrative Expenses $365,000 440,000 Notes Payable Purchases 100,000 810,000 810,000 Building Retained Earnings 455,000 Purchases Returns and Allowances 2,500 Cash 78,000 Sales 1,700,000 4,500 Common Stock 75,000 Sales Tax Payable Cost of Goods Sold 775,000 160,000 Selling Expenses Store Supplies 15,000 16,000 Dividends Interest Expense 6,000 Prepare the December 31 closing entries for Braxton Gallery. If an amount box does not require an entry, leave it blank. Dec. 31 Dec. 31
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