INTERMEDIATE ACCOUNTING WPNG MULTI-S
17th Edition
ISBN: 2818440096532
Author: Kieso
Publisher: WILEY
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The adjusted trial balance of Wildhorse Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: Sales Revenue $904,600, Freight-Out $16,600, Sales Returns and Allowances $29,800, and Sales Discounts $16,500.Prepare separate closing entries for (1) sales revenue and (2) the contra accounts to sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Date
Account Titles and Explanation
Debit
Credit
1.
Oct. 31
enter an account title for the closing entry on October 31
enter a debit amount
enter a credit amount
enter an account title for the closing entry on October 31
enter a debit amount
enter a credit amount
2.
Oct. 31
enter an account title for the closing entry on October 31
enter a debit amount
enter a credit amount
enter an account title for the closing entry on October 31
enter a debit amount
enter a credit amount…
The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2020: Sales Revenue $800,000, Delivery Expense $12,000, Sales Returns and Allowances $24,000, and Sales Discounts $15,000.
Instructions
a. Prepare the revenues section of the income statement.
b. Prepare separate closing entries for (1) sales and (2) the contra accounts to sales.
The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal
year:
Debit
$ 1,750
47,808
Credit
Merchandise inventory
Other assets
Liabilities
$ 43,340
37,690
Joe Mendelstein, capital
Joe Mendelstein, withdrawals
Interest income
3,700
185
Sales
103,400
Sales returns and allowances
8,200
1,195
44, 200
Sales discounts
Purchases
Purchase returns and allowances
Purchase discounts
2,500
970
Transportation-in
Sales salaries expense
Rent expense, selling space
Store supplies expense
Advertising expense
Office salaries expense
Rent expense, office space
Office supplies expense
5,400
18,500
,900
3,900
9,708
22,700
8,300
3,648
$188,885 $188,885
Totals
A physical count shows that the cost of the ending inventory is $13.30o.
Requlred:
1. Calculate the company's net sales for the year.
Net sales
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