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ACC 291T Wk 4 - Practice: Connect Knowledge Check (New)

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ACC 291T Wk 4 - Practice: Connect Knowledge Check (New)

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. 

 

 

Debit

 

 

Credit

Merchandise inventory

$

36,500

 

 

 

Prepaid selling expenses

 

6,900

 

 

 

 

 

46,000

 

 

 

Sales

 

 

 

$

581,000

Sales returns and allowances

 

20,100

 

 

 

Sales discounts

 

6,300

 

 

 

Cost of goods sold

 

238,000

 

 

 

Sales salaries expense

 

61,000

 

 

 

Utilities expense

 

21,500

 

 

 

Selling expenses

 

42,500

 

 

 

Administrative expenses

 

118,000

 

 

 

 

Additional InformationAccrued and unpaid sales salaries amount to $2,500. Prepaid selling expenses of $2,200 have expired. A physical count of year-end merchandise inventory is taken to determine shrinkage and shows $32,600 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. 

A company reports the following sales-related information. 

 

 

 

 

 

 

 

 

Sales, gross

$

285,000

 

Sales returns and allowances

$

20,000

 

Sales discounts

 

5,700

 

Sales salaries expense

 

11,700

 

 

Prepare the net sales portion only of this company’s multiple-step income statement.

 

Clear Water Co. reports the following balance sheet accounts as of December 31.

 

      

 

 

Buildings

$

47,500

Accounts receivable

 

2,900

Land

 

20,000

Merchandise inventory

 

8,800

Accounts payable

 

5,900

Cash

 

9,800

Notes payable (due in 7 years)

 

48,000

Office supplies

 

2,800

 

 

34,000

Wages payable

 

3,900

 

 

Required:

Prepare a classified balance sheet.

Save-the-Earth Co. reports the following income statement accounts for the year ended December 31.

 

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