How can I journalize the adjusting entries and closing entries? From problem 5-3A using the work sheet accounting ?
Warehouse's chart of accounts includes the following: No. 101 Cash, No. sBkReceivable, No. 120 Inventory, No. 201 Accounts Payable, No. 401 Sales . 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Book st of Goods Sold ions for the month of June for Powell's Book Warehouse using a inventory system. na Hardware Store completed the following merchandising transactions in Journalize, post, and prepare Lator May At the beginning of May, the ledger of Latona showed Cash of $5,000 a partial ncome statement iowner's Capital of $5,000 (LO 2,3,5) Purchased merchandise on account from Gray's Wholesale Supply $4,200, 1terms 2/10, n/30 Sold merchandise on account $2,100, terms 1/10, n/30. The cost of the 2 merchandise sold was $1,300. Received credit from Gray's Wholesale Supply for merchandise returned $300. Received collections in full, less discounts, from customers billed on sales of 9 $2,100 on May 2 1o Paid Gray's Wholesale Supply in full, less discount. 1t Purchased supplies for cash $400. Purchased merchandise for cash $1,400. 12 5 Received refund for poor quality merchandise from sup Received refund for poor quality merchandise from supplier on cash purchase 15 $150 Purchased merchandise from A 17 merchandise from Amland Distributors $1,300, FOB shipping point, terms 2/10, n/30. Paid freight on May 17 purchase $130. 19 Sold merchandise for cash $3,200. The merchandise sold had a cost of $2,000. 24 Sold nm s Purchased merchandise from Horvath, Inc. $620, FOB destination, terms 25 2/10, n/30 Paid Amland Distributors in full, less discount. Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $30. Sold merchandise on account $1,000 terms n/30. The cost of the merchandise sold was $560. 27 31 Latona h Acunts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable Lisona Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 o. 301 Owner's Capital, No. 401 Sales Reverue, No. 412 Sales Returns and Allowances, 301 Owner's Capital, No. 401 Sales Revenue, No. 412 414 Sales Discounts, and No. 505 Coe, of Goods Sold. structions al kumalize the transactions using a perpetsal inventory system. Enter the beginning cash and capitai balances and post the transactions. (Use J1 for the journal reference.) Prepare an income statement through gross profit for the month of May 2014. (c) Gross profit B3A The Deluxe Store is located in midtown Madson. During the past several years, net Prepare financi otne has been declining because of suburban shopping centers. At the end of the and adjusting tal balances. on November 30, 2014, the following accounts appeared in two of its entries. LO 4, 5) helances
