united rug company is a small rug retailer owned and operated by pat kirwan after th 541792
Ex 5-40 Closing entries using periodic inventory system
United Rug Company is a small rug retailer owned and operated by Pat Kirwan. After the accounts have been adjusted on December 31, the following selected account balances were taken from the ledger:
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united rug company is a small rug retailer owned and operated by pat kirwan after th 541792
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|
Advertising Expense |
$36,000 |
|
Depreciation Expense |
13,000 |
|
Dividends |
65,000 |
|
Freight In |
17,000 |
|
Merchandise Inventory, December |
375,000 |
|
Merchandise Inventory, December |
460,000 |
|
Miscellaneous Expense |
9,000 |
|
Purchases |
1,760,000 |
|
Purchases Discounts |
35,000 |
|
Purchases Returns and Allowances |
45,000 |
|
Salaries Expense |
375,000 |
|
Sales |
2,300,000 |
|
Sales Discounts |
30,000 |
|
Sales Returns and Allowances |
50,000 |
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