Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

The following list includes selected permanent accounts and all of the temporary accounts from the December 31 unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Emiko Co. uses a perpetual inventory system. Credit Debit $ 30,000 5,600 33,000 $ 529,000 Merchandise inventory Prepaid selling expenses Dividends Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses 17,500 5, eee 212,000 48,000 15,000 36, eee 105, eee Additional Information Accrued and unpaid sales salaries amount to $1,700. Prepaid selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $28,700 of goods still available. (a) Use the above account balances along with the additional information, prepare the adjusting entries. (b) Use the above account balances along with the additional information, prepare the closing entries. Accrued and unpaid sales salaries amount to $1,700. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Prepaid selling expenses of $3,000 have expired. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $28,700 of goods still available. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record closing of credit balances in temporary accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record closing of debit balances in temporary accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record closing of income summary account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record closing of dividends account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2020

Authors: Jeanette Landin

6th Edition

1260247961, 9781260247961

More Books

Students also viewed these Accounting questions

Question

2. What are the prospects for these occupations?pg 87

Answered: 1 week ago