Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Comprehensive Problem 2 Part 9: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9. Part 5

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Comprehensive Problem 2 Part 9: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9. Part 5 is optional. Journalize the closing entries. Then post the journal to the general ledger you created in part 1. Indicate closed accounts by inserting balance columns opposite the closing entry. Insert the new balance in the retained earnings account. If an amount box does not require an entry, leave it blank. Description Debit Date Post. Ref. Credit May 31 Sales 5,069,000 x Cost of Goods Sold 2,823,000 x Sales Salaries Expense 664,800 x Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense 382,100 X 83,700 x Insurance Expense Miscellaneous Administrative Expense 7,800 Check My Work Calculator Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense 382,100 x Rent Expense 83,700 x Insurance Expense Miscellaneous Administrative Expense 7,800 Retained Earnings 814,000 X 814,000 X May 31 Retained Earnings 135,000 Dividends 135,000 Feedback Check My Work In preparing closing entries, recall that (1) revenue accounts are debited for their balances and expense accounts are credited fc difference between the revenue and expenses is either credited (revenues exceed expenses) or debited (expenses exceed reven earnings account, and (2) the retained earnings account is debited for the balance of the dividends account. Comprehensive Problem 2 Part 9: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9. Part 5 is optional. Journalize the closing entries. Then post the journal to the general ledger you created in part 1. Indicate closed accounts by inserting balance columns opposite the closing entry. Insert the new balance in the retained earnings account If an amount box does not require an entry, leave it blank. Date Description Debit Credit Post Ref. May 31 Sales 5,316,205 Cost of Goods Sold 2,991,950 Sales Salaries Expense 727,800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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