FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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