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Unformatted text preview: E5-5) 1)Dec3 Accounts Receivable500,000.00 Sales500,000.00 Cost of Goods Sold350,000.00 Merchandise Inventory350,000.00 2)Dec8 Sales Returns and Allowances27,000.00 Accounts Receivable27,000.00 3)Dec13 Cash463,540.00 Sales Discounts9460Accounts Receivable473,000.00 E5-6a)Income StatementAs of October 31, 2008RevenuesSales800,000.00 Less: Sales Returns and Allowances25,000.00 Sales Discounts15,000.00 40,000.00 Net Sales760,000.00 b)Closing EntriesOct31 Sales800,000.00 Income Summary800,000.00 31 Income Summary56,000.00 Sales Returns and Allowances25,000.00 Sales Discounts15,000.00 Freight-Out16,000.00 E5-7a)Adjusting EntriesDec31 Cost of Goods Sold900.00 Merchandise Inventory900.00 b)Closing EntriesDec31 Sales108,000.00 Income Summary108,000.00 Income Summary92,800.00 Cost of Goods Sold60,900.00 Operating Expenses29,000.00 Sales Discounts1,200.00 Sales Returns and Allowances1,700.00 Income Summary15,200.00 Retained Earnings15,200.00 E5-8a)Adjusting EntriesJan31 Cost of Goods Sold600.00 Merchandise Inventory600.00 b)Closing EntriesJan31 Sales350,000.00 Income Summary350,000.00 Income Summary341,600.00 Sales Returns and Allowances13,000.00 Sales Discounts10,000.00 Cost of Goods Sold...
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This note was uploaded on 07/22/2011 for the course ACCT 281 taught by Professor Shelburn during the Spring '10 term at University of Phoenix.
- Spring '10