Question
Problem. 1: The following information is available for Potts Company: DebitCredit Potts, Capital$50,000 Potts, Drawing$32,000 Sales510,000 Sales Returns and Allowances20,000 Sales Discounts7,000 Cost of Goods
Problem. 1: The following information is available for Potts Company:
DebitCredit
Potts, Capital$50,000
Potts, Drawing$32,000
Sales510,000
Sales Returns and Allowances20,000
Sales Discounts7,000
Cost of Goods Sold347,000
Freight-out2,000
Advertising Expense15,000
Interest Expense19,000
Store Salaries Expense45,000
Utilities Expense18,000
Depreciation Expense7,000
Interest Revenue25,000
Instructions:Using the above information, prepare the closing entries for Potts Company.
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
11th Edition
111856667X, 978-1118566671
