Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Can you prepare closing entries? VOD VIDEO COMPANY INCOME STATEMENT VOD VIDEO COMPANY STATEMENT OF CHANGES IN OWNER'S EQUITY VDO VIDEO COMPANY INCONE STATEMENT PARTICULARS

Can you prepare closing entries?

image text in transcribed

image text in transcribed

VOD VIDEO COMPANY INCOME STATEMENT VOD VIDEO COMPANY STATEMENT OF CHANGES IN OWNER'S EQUITY VDO VIDEO COMPANY INCONE STATEMENT PARTICULARS Von Dyke Capital Jan 1, 2019 Add Additional Add: Net Income Less: Sales Retum & Allowance Net Sales Cast of Goods Sold Purchase Net Increase in owner's equity Van Dyke Capital Dec 31, 2013 Le Purchase Discount 2.000.00 15.800.00l Net Purchases Operating Expenses Sales Solares 600.000.000 50.000.000 Avinner Total Selling Expense 29,500.00 15.000.000 14.000.000 19.000.00 300.000.00 216.000.00 10.000.000 1.250.00 DEBIT CREDIT 308,680.00 25,000.00 1,250.00 68,000.00 90,000.00 5,000.00 380,000.00 28,500.00 187,000.00 10,000.00 21,000.00 444,000.00 40,000.00 2,925,000.00 VOD VIDEO COMPANY ADJUSTED TRIAL BALANCE December 2019 ACCOUNT NO. ACCOUNT TITLE 110 Cash 112 Accounts Receivable 113 Allowance for doubtful accounts 115 Merchandise invetory, Dec 1, 2019 117 Prepaid Insurance expense 118 Prepaid rent expense 119 Store supplies 123 Store furniture & equipment 124 Accumulated Depreciation - Store furniture & equip. 210 Accounts payable 212 Salaries payable 221 Unearned Sales revenue 310 Von Dyke Capital Jan 1, 2019 311 Von Dyke Drawing 410 Sales 411 Sales Returns & Allowances 412 Sales Discount 510 Purchases 511 Purchase returns & allowances 512 Purchase discount 514 Freight in 520 Sales Salaries expense 521 Advertising expense 522 Depreciation expense - store furniture & equipment 523 Store supplies expense 524 Freight out 529 Misc Distribution cost 520 Office Salaries expense 531 Rent expense 532 Utilities expense 533 Insurance expense 534 Doubtful accounts expense 539 Misc. Admin Expense 699 Income summary Total 26,000.00 33,520.00 1,262,000.00 19,000.00 29,000.00 15,800.00 600,000.00 50,000.00 28,500.00 15,000.00 14,000.00 19,000.00 300,000.00 216,000.00 183,000.00 1,250.00 17,000.00 33,000.00 3,697,750.00 3,697,750.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions