Sarasota Company has the following account balances: Sales Revenue $242,100, Sales Discounts $3,310, Cost of Goods Sold $117,100, and Inventory $42,900. Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title to close accounts with credit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with credit balances Enter a debit amount Enter a credit amount (To close accounts with credit balances) Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount (To close accounts with debit balances)
Sarasota Company has the following account balances: Sales Revenue $242,100, Sales Discounts $3,310, Cost of Goods Sold $117,100, and Inventory $42,900. Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title to close accounts with credit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with credit balances Enter a debit amount Enter a credit amount (To close accounts with credit balances) Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount (To close accounts with debit balances)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 7E: Accounts Receivable Calculations The following amounts were reported for Cotton, Newton, and Miller...
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Sarasota Company has the following account balances: Sales Revenue $242,100, Sales Discounts $3,310, Cost of Goods Sold $117,100, and Inventory $42,900.
Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|
|
Enter an account title to close accounts with credit balances
|
Enter a debit amount
|
Enter a credit amount
|
|
Enter an account title to close accounts with credit balances
|
Enter a debit amount
|
Enter a credit amount
|
|
(To close accounts with credit balances)
|
||
|
Enter an account title to close accounts with debit balances
|
Enter a debit amount
|
Enter a credit amount
|
|
Enter an account title to close accounts with debit balances
|
Enter a debit amount
|
Enter a credit amount
|
|
Enter an account title to close accounts with debit balances
|
Enter a debit amount
|
Enter a credit amount
|
|
(To close accounts with debit balances)
|
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