Closing Entries; Net Income On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as fallows: Accounts Receivable $170,000 Inventory $984,050 Accumulated Depreciation-Bullding 771,650 Notes Payable 303,950 Administrative Expenses 527,250 Office Supplies 19,750 Building 2,495,300 Retained Earnings 1,332,100 Cash 171,950 Salaries Payable 8,100 Common Stock 307,250 Sales 6,336,350 Cost of Goods Sold 3,690,350 Selling Expenses 693,050 Dividends 167,300 Store Supplies 91,750 Interest Expense 10,050 lournalize the closing entries. If an amount box does not require an entry, leave it blank. 20Y9 Mar. 31 Cash Cost of Goods Sold 3,690,350 X Inventory Administrative Expenses Interest Expense

Closing Entries; Net Income On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as fallows: Accounts Receivable $170,000 Inventory $984,050 Accumulated Depreciation-Bullding 771,650 Notes Payable 303,950 Administrative Expenses 527,250 Office Supplies 19,750 Building 2,495,300 Retained Earnings 1,332,100 Cash 171,950 Salaries Payable 8,100 Common Stock 307,250 Sales 6,336,350 Cost of Goods Sold 3,690,350 Selling Expenses 693,050 Dividends 167,300 Store Supplies 91,750 Interest Expense 10,050 lournalize the closing entries. If an amount box does not require an entry, leave it blank. 20Y9 Mar. 31 Cash Cost of Goods Sold 3,690,350 X Inventory Administrative Expenses Interest Expense

Name: Closing Entries; Net IncomeOn March 31, 20Y9, the balances of the acc
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Description: Closing Entries; Net IncomeOn March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as fallows:Accounts Receivable$170,000Inventory$984,050Accumulated Depreciation-Bullding771,650No

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 26E

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Tania’s year end trial balance includes the following balances: $ Opening inventory 12,964 Trade receivables 43,728 Bank overdraft 5,872 Trade payables 28,627 Tania’s closing inventory is valued at $11,625 Based on the above figures, what is the value of Tania’s current assets?
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