do not give solution in image Sales RevenueIncome Summary(To dose accounts with credit balances)Income SummaryCost of Goods SoldSales DiscountsSales Returns and AllowancesOperating Expenses(To close accounts with debit balances)Income SummaryRetained EarningsShow Transcribed TextSales Returns and AllowancesOperating Expenses(To close accounts with debit balances)Income SummaryRetained Earnings(To close net income / (loss))n(*126790126790 Pina Colada Corp. had the following account balances at year-end: Cost of Goods Sold $62,380; Inventory $14,410; OperatingExpenses $32,500; Sales Revenue $126,790; Sales Discounts $1,170; and Sales Returns and Allowances $1,700. A physical count ofinventory determines that merchandise inventory on hand is $12,360.

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Description: do not give solution in image Sales RevenueIncome Summary(To dose accounts with credit balances)Income SummaryCost of Goods SoldSales DiscountsSales Returns and AllowancesOperating Expenses(To close accounts with debit balances)Income SummaryRetained

Closing entries are journal entries that are passed at the end of an accounting period to transfer…

Business

Accounting

Pina Colada Corp. had the following account balances at year-end: Cost of Goods Sold $62,380; Inventory $14,410; Operating Expenses $32,500; Sales Revenue $126,790; Sales Discounts $1,170; and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $12,360.

Pina Colada Corp. had the following account balances at year-end: Cost of Goods Sold $62,380; Inventory $14,410; Operating Expenses $32,500; Sales Revenue $126,790; Sales Discounts $1,170; and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $12,360.

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 4MC

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