Question#1

Question#2

On the basis of the following data taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for the year ended March 31 for Banes Domino's Corporation, journalize the two closing entries. Cash 30,000 Accounts Receivable 45,200 Supplies 5,000 Equipment 169,900 Accumulated Depreciation 32,000 Accounts Payable 12,500 Common Stock 51,600 Retained Earnings 20,000 Dividends 47,000 Fees Earned 510,000 Salary Expense 244,500 Rent Expense 48,000 Depreciation Expense 25,000 Supplies Expense 9,500 Miscellaneous Expense 2,000 626,100 626,100 Based on the information below, journalize the entries for the seller and the buyer. Both use a perpetual inventory system. (a) Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB shipping point. The cost of the merchandise is $2,850. The seller prepays the freight of $75. Buyer returns $700 of merchandise as defective. The cost of the merchandise is $420. Buyer pays within the discount period. (b) c) Seller Buyer Description DR CR Description DR CR