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-------------------- Presented below is selected information related to Pharoah Company for the year ended January 31, 2022. $23,810 Ending inventory per perpetual records Ending inventory
-------------------- Presented below is selected information related to Pharoah Company for the year ended January 31, 2022. $23,810 Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out Insurance expense Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $12,250 22,950 56,210 11,440 15,740 408.780 23,210 214,580 7.430 Account Titles and Explanation Debit Credit (To close accounts with credit balances) (To close accounts with debit balances) (To close accounts with debit balances) (To close net income / (loss)) The adjusted trial balance of Kingbird, Inc. shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: Sales Revenue $911,700, Freight-Out $14,900. Sales Returns and Allowances $23,600, and Sales Discounts $15,300. Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Oct. 31 2. Oct. 31
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