Presented below are year-end adjusted account balances for Bramble Co. Insurance expense $11,350 Salaries and wages expense 59,490 Rent expense 21,230 Sales discounts 12,280 Inventory 26,150 Sales returns and allowances 15,080 Cost of goods sold 208,840 Sales revenue 403,740 Freight-out 6,680 Prepare the necessary closing entries. (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 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 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) enter an account title to close net income or loss enter a debit amount enter a credit amount enter an account title to close net income or loss enter a debit amount enter a credit amount (To close net income / (loss))
Presented below are year-end adjusted account balances for Bramble Co. Insurance expense $11,350 Salaries and wages expense 59,490 Rent expense 21,230 Sales discounts 12,280 Inventory 26,150 Sales returns and allowances 15,080 Cost of goods sold 208,840 Sales revenue 403,740 Freight-out 6,680 Prepare the necessary closing entries. (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 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 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) enter an account title to close net income or loss enter a debit amount enter a credit amount enter an account title to close net income or loss enter a debit amount enter a credit amount (To close net income / (loss))
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Presented below are year-end adjusted account balances for Bramble Co.
|
Insurance expense
|
$11,350 |
Salaries and wages expense
|
59,490 | |||
|---|---|---|---|---|---|---|
|
Rent expense
|
21,230 |
Sales discounts
|
12,280 | |||
|
Inventory
|
26,150 |
Sales returns and allowances
|
15,080 | |||
|
Cost of goods sold
|
208,840 |
Sales revenue
|
403,740 | |||
|
Freight-out
|
6,680 |
Prepare the necessary closing entries. (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
|
|
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
|
|
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)
|
||
|
enter an account title to close net income or loss
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to close net income or loss
|
enter a debit amount
|
enter a credit amount
|
|
(To close net income / (loss))
|
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