Required
Note: Forsimplicity, all operating expenses have been summarized in the accounts Selling Expenses and General and Administrative Expenses.
1.
Journalize all of thiscompany's closing entries at November 30, 2020. The company uses the perpetual inventory system.
2.
T-accounts for the Income Summary account and the J. Moss, Capital account have been set up for you. Post to these accounts and calculate their ending balances. One yearearlier, at November 30, 2019, the Capital balance was $114,000.
Moss Hardware Store's accounting records (partial) carried the following accounts at November 30, 2020: 0 (Click the icon to view the financial data.) Required Note: For simplicity, all operating expenses have been summarized in the accounts Selling Expenses and General and Administrative Expenses. 1. Journalize all of this company's closing entries at November 30, 2020. The company uses the perpetual inventory system. 2. T-accounts for the Income Summary account and the J. Moss, Capital account have been set up for you. Post to these accounts and calculate their ending balances. One year earlier, at November 30, 2019, the Capital balance was $114,000. al inventory system. 0 Accounts Accounts Receivable ........ $ 41,000 Selling Expenses ............. $ 355,000 Interest Revenue ............ 2,600 Sales Revenue ............... 2,060,000 Accounts Payable ............ 205,000 Interest Expense ............. 12,000 Other Expense .............. 76,000 Inventory 224,000 Cost of Goods Sold .......... 848,000 General and Administrative J. Tom, Withdrawals .......... 170,000 Expenses 234,000 Choose from any list or enter any number in the input fields and then continue to the next question. Moss Hardware Stor 'ing accounts at November 30, 2020: _ _ Accounts Payable o (CIICK the Icon 1 Accounts Receivable Cost of Goods Sold Required Note: For simplicity, t General and Administrative Expenses I the accounts Selling Expenses and General and Administrative Expenses. 1. Journalize all c Income Summary , 2020. The company uses the perpetual inventory system. 2. T-accounts for Interest Expense Capital account have been set up for you. Post to these accounts and calculate their ending balances. One balance was $114,000. Interest Revenue Inventory Requirement 1. Jou J. Moss, Capital Ivember 30, 2020. The company uses the perpetual inventory system. First close the revenl J- Moss, Withdrawals . Exclude explanations from journal entries.) Other Expense Sales Revenue Selling Expenses November Next close the expense accounts. Journal Entry Date ||_| Credit Choose from any list or enter any number in the input fields and then continue to the next question. Moss Hardware Store's accounting records (partial) carried the following accounts at November 30, 2020: i (Click the icon to view the financial data.) Required Note: For simplicity, all operating expenses have been summarized in the accounts Selling Expenses and General and Administrative Expenses. 1 Journalize all of this company's closing entries at November 30, 2020. The company uses the perpetual inventory system. 2 T-accounts for the Income Summary account and the J. Moss, Capital account have been set up for you. Post to these accounts and calculate their ending balances. One year earlier, at November 30, 2019, the Capital balance was $114,000. First close the revenue accounts. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit November Next close the expense accounts. Journal Entry Date Accounts Debit Credit NovemberMoss Hardware Store's accounting records (partial) carried the following accounts at November 30, 2020: i (Click the icon to view the financial data.) Required Note: For simplicity, all operating expenses have been summarized in the accounts Selling Expenses and General and Administrative Expenses. 1 Journalize all of this company's closing entries at November 30, 2020. The company uses the perpetual inventory system. 2 T-accounts for the Income Summary account and the J. Moss, Capital account have been set up for you. Post to these accounts and calculate their ending balances. One year earlier, at November 30, 2019, the Capital balance was $114,000. Now close the income or loss to the capital account. Journal Entry Date Accounts Debit Credit November Finally, let's close the withdrawals account. Journal Entry Date Accounts Debit Credit NovemberMoss Hardware Store's accounting records (partial) carried the following accounts at November 30, 2020: 0 (click the icon to view the financial data.) Requlred Note: For simplicity, all operating expenses have been summarized in the accounts Selling Expenses and General and Administrative Expenses. 1. Joumalize all of this company's closing entries at November 30, 2020. The oompany uses the perpetual inventory system. 2. T-accounts for the Income Summary account and the J. Moss, Capital acoount have been set up for you, Post to these accounts and calculate their ending balances. One year earlier, at November 30, 2019, the Capital balance was $1 14,000, Finally, let's close the withdrawals aooount. Journal Entry November Requirement 2. T-accounts for the Income Summary account and the J. Moss. Capital account have been set up for you. Post to these accounts. and calculate their ending balances. One year earlier, at November 30, 2019. the Capital balance was $114,000. (If a box Is not used In the T-accounts, leave the box empty; do not select a label or enter a zero.) Income Summary J. Moss, Capital
