20X1, the Income Statement columns of the worksheet for Jim’s Music Emporium contained the following information. Income Statement Columns Debit Credit Income Summary $ 38,000 $ 41,300 Sales 251,500 Sales Returns and Allowances 3,600 Sales Discounts 2,600 Interest Income 140 Purchases 133,800
20X1, the Income Statement columns of the worksheet for Jim’s Music Emporium contained the following information. Income Statement Columns Debit Credit Income Summary $ 38,000 $ 41,300 Sales 251,500 Sales Returns and Allowances 3,600 Sales Discounts 2,600 Interest Income 140 Purchases 133,800
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section: Chapter Questions
Problem 2AP
Related questions
Question
Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts.
On December 31, 20X1, the Income Statement columns of the worksheet for Jim’s Music Emporium contained the following information.
Income Statement Columns | Debit | Credit |
---|---|---|
Income Summary | $ 38,000 | $ 41,300 |
Sales | 251,500 | |
Sales Returns and Allowances | 3,600 | |
Sales Discounts | 2,600 | |
Interest Income | 140 | |
Purchases | 133,800 | |
Freight In | 1,900 | |
Purchases Returns and Allowances | 1,700 | |
Purchases Discounts | 1,470 | |
Rent Expense | 8,200 | |
Utilities Expense | 2,870 | |
Telephone Expense | 1,480 | |
Salaries Expense | 65,500 | |
Payroll Taxes Expense | 5,210 | |
Supplies Expense | 1,640 | |
Depreciation Expense | 2,200 | |
Interest Expense | 280 | |
Totals | $ 267,280 | $ 296,110 |
Assume further that the owner of the firm is Jim Landis and that the Jim Landis, Drawing account had a balance of $25,900 on December 31, 20X1.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub