Rogers Co. Closing Entries

Rogers Co. Closing Entries - Dr Cost of Goods Sold 655 Cr...

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Presented is information related to Rogers Co. for the month of January 2010. Ending inventory  per perpetual records $31,220 Ending inventory actually on hand 30,565 Cost of goods sold  220,110 Freight out 7,950 Insurance expense 12,360 Rent expense 24,540 Salary expense 70,100  Sales discounts 11,020 Sales returns and allowances 13,790 Sales 388,780 Instructions (a) Prepare the necessary adjusting entry for inventory.
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Unformatted text preview: Dr. Cost of Goods Sold 655 Cr. Merchandise Inventory 655 (b) Prepare the necessary closing entries. Dr. Sales 388,780 Cr. Income Summary 388,780 Dr. Income Summary 334,970 Cr. Cost of Goods Sold 220,110 Cr. Salary Expense 70,100 Cr. Rent Expense 24,450 Cr. Insurance Expense 12,360 Cr. Freight Out 7,950 Dr. Capital 53,810 Cr. Income Summary 53,810...
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This note was uploaded on 03/01/2012 for the course ACCOUTNING 550 taught by Professor Abner during the Spring '11 term at DeVry Houston.

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