m Cover by iPearl control option command Cost of Goods Sold QuickBooks automatically debits cost of goods sold and credits inventory for the product cost for each sale. The inventory account is also automatically updated for inventory purchases and purchases returns. Therefore, the QuickBooks data does not include the following accounts from the SUA: A/C #30500 (Purchases) and A/C #30600 (Purchase Returns and Allowance). Waren treats purchase discounts taken and freight-in as a part of cost of goods sold, but records them in separate accounts during the accounting period. Therefore, these two accounts must be closed to A/C #30400 (Cost of Goods Sold): A/C #30700 (Purchases Discounts Taken) and A/C#30800 (Freight-In). Before preparing the general journal entry, determine the balance in each account being closed to cost of goods sold. Determine the balance in the accounts to be closed by examining the income statement. Federal Income Taxes Recall from the SUA that corporate income tax rate brackets applicable to Waren for 2017 are: 15% of the first $50,000 of pre-tax income, plus 25% of the next $25,000, plus 34% of the next $25,000, plus 39% of the next $235,000. The Tuin h uoltare not listed here he once they aren't annlicable to m Cover by iPearl control option command Cost of Goods Sold QuickBooks automatically debits cost of goods sold and credits inventory for the product cost for each sale. The inventory account is also automatically updated for inventory purchases and purchases returns. Therefore, the QuickBooks data does not include the following accounts from the SUA: A/C #30500 (Purchases) and A/C #30600 (Purchase Returns and Allowance). Waren treats purchase discounts taken and freight-in as a part of cost of goods sold, but records them in separate accounts during the accounting period. Therefore, these two accounts must be closed to A/C #30400 (Cost of Goods Sold): A/C #30700 (Purchases Discounts Taken) and A/C#30800 (Freight-In). Before preparing the general journal entry, determine the balance in each account being closed to cost of goods sold. Determine the balance in the accounts to be closed by examining the income statement. Federal Income Taxes Recall from the SUA that corporate income tax rate brackets applicable to Waren for 2017 are: 15% of the first $50,000 of pre-tax income, plus 25% of the next $25,000, plus 34% of the next $25,000, plus 39% of the next $235,000. The Tuin h uoltare not listed here he once they aren't annlicable to