P 5-4Southern Cross Corporation supplies you with the followinginformation applicable to the current year, December 31, 2019. Thecompany uses the perpetual inventory system.Delivery expenseSalesMerchandise inventory (Dec. 31)Cost of goods soldOffice supplies expenseSales returns and allowancesO SearchSalaries expenseUnused supplies33Required:1. Prepare an income statement. List expenses other than cost ofgoods sold as other expenses. Assume all accounts have normalbalances.ALDU$ 2,000100,00015,00070,0007,00010,0004,0005,0002. Prepare all required closing entries. Include general ledger accountnumbers and a brief description for each entry.1P

Name: P 5-4Southern Cross Corporation supplies you with the followinginform
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Description: P 5-4Southern Cross Corporation supplies you with the followinginformation applicable to the current year, December 31, 2019. Thecompany uses the perpetual inventory system.Delivery expenseSalesMerchandise inventory (Dec. 31)Cost of goods soldOffice

Closing Entries are the entries required to close the temporary account. Temporary accounts are…

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Accounting

P 5-4 Southern Cross Corporation supplies you with the following information applicable to the current year, December 31, 2019. The company uses the perpetual inventory system. Delivery expense Sales Merchandise inventory (Dec. 31) Cost of goods sold Office supplies expense Sales returns and allowances Salaries expense Unused supplies $ 2,000 100,000 15,000 70,000 7,000 10,000 4,000 5,000 Required: 1. Prepare an income statement. List expenses other than cost of goods sold as other expenses. Assume all accounts have normal balances. 2. Prepare all required closing entries. Include general ledger account numbers and a brief description for each entry.

P 5-4 Southern Cross Corporation supplies you with the following information applicable to the current year, December 31, 2019. The company uses the perpetual inventory system. Delivery expense Sales Merchandise inventory (Dec. 31) Cost of goods sold Office supplies expense Sales returns and allowances Salaries expense Unused supplies $ 2,000 100,000 15,000 70,000 7,000 10,000 4,000 5,000 Required: 1. Prepare an income statement. List expenses other than cost of goods sold as other expenses. Assume all accounts have normal balances. 2. Prepare all required closing entries. Include general ledger account numbers and a brief description for each entry.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume the perpetual inventory system is used. Sales $642,363 Merchandise Inventory 582,620 Sales Discounts 58,010 Interest Expense 3,777 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 225,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,400 Insurance Expense 2,450 Advertising Expense 12,870 Accounts Receivable 101,440 Office Supplies Expense 1,600 Rent Revenue 23,680 Sales Salaries Expense 30,410 Accounts Payable 138,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019.
es N Required information [The following information applies to the questions displayed below.] The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson Company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-Store equipment Accounts payable Common stock Retained earnings Dividends NELSON COMPANY Unadjusted Trial Balance January 31 Sales. Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment Sales salaries expense Office salaries expense Insurance expense Rent expense-Selling space Rent expense-Office space Store supplies expense Advertising expense…
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Sold merchandise inventory to Hayes Company,5500,on account .Term3/15, n/35.Cost of goods ,2,530. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expenses related to the sale. We will do that in the following step.
Using the chart of accounts, prepare a journal entry under periodic inventory system. Thank you!
esc Honest Tea, Inc. is a merchandiser. Use the following information to its Inventory balance on its December 31 year-end balance sheet. Note: All purchases of inventory are on account. Cost of Goods Sold during the year January 1 Inventory Sales during the year December 31 Accounts Receivable Purchases of Inventory on Account during the year December 31 Inventory = $. 1 Q A N Click Save and Submit to save and submit. Click Save All Answers to save all answers. 2 W S Ma # 3 E D x 'I X $34,000 $ 4 10,000 77,000 24,000 35,000 C с R % or op F 5 T MacBook Pro V < 6 G Y & 7 H B * 00 つ 8 J N O Save All Answe O 0 K M
A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $900.00 to the vendor. Which of the following would be the correct journal entry to record these returns? OA. Accounts Payable 900 Merchandise Inventory 900 OB. Accounts Payable 900 Purchase Returns 900 OC. Merchandise Inventory 900 Accounts Payable 900 OD. Purchase Returns 900 Accounts Payable 900
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