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need help. I'm stuck Relo lo question Exercise 4-10 Preparing adjusting and closing entries for a merchandiser LO P3 The following list includes selected permanent
need help. I'm stuck
Relo lo question Exercise 4-10 Preparing adjusting and closing entries for a merchandiser LO P3 The following list includes selected permanent accounts and all of the temporary accounts from the December 31 2017, unadjusted trial balance of Emiko Co.. Emiko Co. uses a perpetual inventory system Credit Debit $ 35,000 6, 800 45,000 $577.000 Merchandise Snventory Prepaid selling expenses Dividends Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses 236,000 60.000 21,00n 42,000 117,000 Additional Information Accrued sales salaries amount to $2,400. Prepaid selling expenses of $2.100 have expired. A physical count of year- end merchandise inventory shows $32,300 of goods still available (a) Use the above account balances along with the additional information, prepare the adjusting entries. (b) Use the above account balances along with the additional information, prepare the closing entries. Answer is not complete. Complete this question by entering your answers in the tabs below. - - > DOUA Complete this question by entering your answers in the tabs below. Required 1 Required 2 Use the above account balances along with the additional information, prepare the adjusting entries. No Date Dec 31 General Journal Debit 1 Credit Sales salaries expense Salaries payable 2,400 2.400 Dec 31 Selling expenses Prepaid selling experises 2,100 2,100 Dec 31 Cost of goods sold Merchandise inventory 3.700 3,700 Required 2 > Required 1 Required 2 Use the above account balances along with the additional Information, prepare the closing entries. No Date General Journal Debit Dec 31 Sales 577,000 Income summary Credit 577,000 Dec 31 19,900 19,900 6.200 Income summary Sales retums and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses Prepaid selling expenses QOOOOOOOO 42,000 X 117.000 3 Dec 31 Income summary Retained Earnings Dec 31 45.000 Retained Eamings Dividends 45,000 RStep by Step Solution
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