P3-9 - Cls 65,000 Expense Cls 3,360 Payable Adj 3,360...

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T-Accounts Cash Accounts Receivable Allow. for Dou Bal. 18,500 Bal. 42,000 Inventory Prepaid Insurance Furniture and Bal. 80,000 Bal. 5,100 Adj. 2,550 Bal. 84,000 Notes Payable Common Bal. 35,000 Bal. 28,000 Adj. 14,000 Retained Earnings Sales Cost of Go Cls. 53,790 Bal. 10,000 Cls. 600,000 Bal. 600,000 Bal. 398,000 Inc. 43,790 53,790 Bal. 53,790 Sales Salaries Exp Advertising Expense Admin Sala Bal. 50,000 Cls. 52,400 Bal. 6,700 Adj. 700 Bal. 65,000 Adj. 2,400 Cls. 6,000 52,400 52,400 6,700 6,700 Office Expense Insurance Expense Interest E Bal. 5,000 Adj. 1,500 Adj 2,550 Cls. 2,550 Adj. 3,360 Cls. 3,500 5,000 5,000 Bad Debt Expense Prepaid Advertising Exp. Interest Adj. 1,400 Cls. 1,400 Adj. 700 Depr. Exp. / Furn. Income Summary Office S Adj. 14,000 Cls. 14,000 Exp. 546,210 Sales 600,000 Adj. 1,500 Inc. 53,790 600,000 600,000 Salaries Payable Adj. 2,400
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ubtful Accts . Bal. 700 Adj. 1,400 d Equipment n Stock Bal. 80,600 oods Sold Cls. 389,000 laries Exp.
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Unformatted text preview: Cls. 65,000 Expense Cls. 3,360 Payable Adj. 3,360 upplies Adjusting Journal Entries Debit Credit 31-Dec Bad Debts Expense 1,400 Allowance for Doubtful Accts 1,400 Depreciation Expense 14,000 Accumulated Depreciation 14,000 Insurance Expense 2,550 Prepaid Insurance 2,550 Interest Expense 3,360 Interest Payable 3,360 Sales Salaries Expense 2,400 Accrued Salaries 2,400 Prepaid Advertising Expense 700 Advertising Expense 700 Office Supplies 1,500 Office Expense 1,500 Closing Entries Debit Credit 31-Dec Sales 600,000 Income Summary 600,000 31-Dec Income Summary 546,210 Cost of Goods Sold 398,000 Advertising Expense 6,000 Admin Salaries Expense 65,000 Sales Salaries Expense 52,400 Office Expense 3,500 Insurance Expense 2,550 Bad Debt Expense 1,400 Dep Exp—Furn & Equp 14,000 Interest Expense 3,360 31-Dec Income Summary 53,790 Retained Earnings 53,790...
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P3-9 - Cls 65,000 Expense Cls 3,360 Payable Adj 3,360...

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