Question
Presented below are selected account balances for SnowCo. as of December31st. Notes Receivable$50,000 Depreciation Expense25,000 Common Stock30,000 Loss of Sale of Equipment4,000 Building250,000 Cost of
Presented below are selected account balances for SnowCo. as of December31st.
Notes Receivable$50,000
Depreciation Expense25,000
Common Stock30,000
Loss of Sale of Equipment4,000
Building250,000
Cost of Goods Sold360,000
Sales Returns20,000
Income Tax Expense15,000
Retained Earnings24,000
Maintenance Expense12,000
Dividends10,000
Interest Revenue2,000
Salaries and Wages Expense200,000
Accumulated Depreciation -Building 50,000
Sales700,000
Inventory80,000
Required:Preparethe necessaryclosingentries (in proper journal entry form)onDecember31st.
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
471737933, 978-0471737933
