Chapter 5 Accounting for Retail Businesses 291 Asset Asset Appendix 2 PR 5-10B Periodic inventory accounts, multiple-step income statement, closing entries Net Income, On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are $1,208,000 as follows: Cash $125,000 Dividends $ 275,000 340,000 Sales 6,590,000 Inventory, July 1, 20Y8 415,000 Purchases 4,100,000 MPLATE Estimated Returns Inventory, Purchases Returns and Allowances 32,000 July 1, 2018 25,000 Purchases Discounts 13,000 Office Supplies - 9,000 Freight in 45,000 Prepaid Insurance passet 18,000 Sales Salaries Expense 580,000 Land -Asset 300,000 Advertising Expense 315,000 Store Equipment 550,000 Delivery Expense 18,000 Accumulated Depreciation- Depreciation Expense- Store Equipment 190,000 Store Equipment 12,000 Office Equipment 250,000 Miscellaneous Selling Expense 28,000 Accumulated Depreciation- Office Salaries Expense 375,000 Office Equipment 110,000 Rent Expense 43,000 Accounts Payable 85,000 Insurance Expense 17,000 5,000 30,000 Office Supplies Expense Customer Refunds Payable Salaries Payable-lab 9,000 Depreciation Expense- 6,000 Unearned Rent 4,000 Office Equipment 50,000 Miscellaneous Administrative Expense 16,000 300,000 Rent Revenue 32,500 2,500 Retained Earnings 520,000 Interest Expense Notes Payable -licib Common Stock - Stick holder equely Accounts Receivable Ass Chapter 5 Accounting for Retail Businesses 291 Asset Asset Appendix 2 PR 5-10B Periodic inventory accounts, multiple-step income statement, closing entries Net Income, On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are $1,208,000 as follows: Cash $125,000 Dividends $ 275,000 340,000 Sales 6,590,000 Inventory, July 1, 20Y8 415,000 Purchases 4,100,000 MPLATE Estimated Returns Inventory, Purchases Returns and Allowances 32,000 July 1, 2018 25,000 Purchases Discounts 13,000 Office Supplies - 9,000 Freight in 45,000 Prepaid Insurance passet 18,000 Sales Salaries Expense 580,000 Land -Asset 300,000 Advertising Expense 315,000 Store Equipment 550,000 Delivery Expense 18,000 Accumulated Depreciation- Depreciation Expense- Store Equipment 190,000 Store Equipment 12,000 Office Equipment 250,000 Miscellaneous Selling Expense 28,000 Accumulated Depreciation- Office Salaries Expense 375,000 Office Equipment 110,000 Rent Expense 43,000 Accounts Payable 85,000 Insurance Expense 17,000 5,000 30,000 Office Supplies Expense Customer Refunds Payable Salaries Payable-lab 9,000 Depreciation Expense- 6,000 Unearned Rent 4,000 Office Equipment 50,000 Miscellaneous Administrative Expense 16,000 300,000 Rent Revenue 32,500 2,500 Retained Earnings 520,000 Interest Expense Notes Payable -licib Common Stock - Stick holder equely Accounts Receivable Ass
