W2 Chapter 5 & 6 Exercises

W2 Chapter 5 & 6 Exercises - Dec31 CostofGoodsSold

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Dec 31 Cost of Goods Sold  900  Merchandise to Inventory  900  (To adjust inventory to physical count) Dec 31 Sales  108,000  Income Summary  108,000  (To close income statement accounts with credit balances) 31 Income Summary  91,900  Sales Returns and Allowances  1,700  Sales Discounts  1,200  Cost of Goods Sold  60,000  Operating Expenses  29,000  (To close income statement accounts with debit balances) 31 Income Summary  16,100  Retained Earnings  16,100  (To close net income to retained earnings)
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Cost of goods sold Inventory, September 1  $17,200  Purchases  149,000  Less: Purchase returns and allowanc  2,000  Net purchases  147,000  Add: Freight-in  4,000  Cost of goods purchased  151,000  Cost of goods available for sale  168,200  Inventory, August 31  25,000  Cost of goods sold  143,200 
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GENERAL JOURNAL J1 Olaf Distributing Company Apr 2120 Merchandise Inventory ### Date Account Titles and Explanation Debit Credit Income Statement 201 Accounts Payable ### Apr 1 101 Cash ### For the Month Ended April 30, 20XX (To record goods purchased on account from Dakota Supply Co.) 311 Common Stock 9,000 4 112 Accounts Receivable 5,500 (To record beginning cash & stock balances) Sales Revenues 401 Sales 5,500 401 Sales ### (To record credit sale) Less: 412 Sales returns and allow 90 4 505 Cost of Goods Sold ### 414 Sales discounts 55 145 120 Merchandise Inventory ### Net Sales ### (To record cost of merchandice sold on account) 505 Cost of Goods Sold ### 5 644 Freight-out
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This note was uploaded on 02/22/2012 for the course ACC 101 taught by Professor Black during the Spring '12 term at University of Phoenix.

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W2 Chapter 5 & 6 Exercises - Dec31 CostofGoodsSold

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