Reconstruction of Closing Entries The following T accounts summarize entries made to selected general ledger accounts of Cooper $ Company. Certain entries, dated December 31, are closing entries. Prepare the closing entries that were made on December 31.

Required information [The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory Date January 1 January 10 January 20 January 25 January 30 View transaction list Activities Beginning inventory Sales Purchase Sales. Purchase Totals Journal entry worksheet 1 < 3 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO, All sales and purchases are made on account, and no discounts are offered. Record the sale of goods. 4 5 Units Acquired at Cost 240 units @ $16.50- 170 units @ $15.50 380 units @ $ 15.00- 790 units 6 $ 3,960 2,635 5,700 $ 12,295 Units sold at Retail 190 units 0 $25.50 e $25.50 190 units 380 units

Journalize the following transactions that occurred in September 2018 for Faucet, assuming the perpetual inventory system is being used.. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Faucet estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assune the company records sales at the net amount.) More info Purchased merchandise inventory on account from Sidecki Wholesalers, $4,000. Terms 2/15, n/EOM, FOB shipping point. Sep. 3 Sep. 4 Paid freight bill of $70 on September 3 purchase. Sep. 4 Purchase merchandise inventory for cash of $2,300. Sep. 6 Returned $900 of inventory from September 3 purchase. Sold merchandise inventory to Harvey Company, $5.800, on account. Terms 1/15, n/35. Cost of goods, $2,726. Purchased merchandise inventory on account from Thomas Wholesalers, $7,500. Terms 3/10, n/30, FOB destination. Made payment to Sidecki…

Problem 5-10A Journal entries for merchandising transactions-periodic LO7 Prepare General Journal entries to record the following periodic system merchandising transactions for Safety Merchandising. Use separate account for each receivable and payable: October 1 Purchased merchandise from Zeon Company on credit, terms 2/10, n/30, $15,800. 2 Sold merchandise for cash, $2,100. 7 Purchased merchandise on credit from Billings Co., terms 2/10, n/30, $11,600, FOB the seller's factory. 7 Paid $450 cash for freight charges on the merchandise shipment of the previous transaction. 8 Purchased delivery equipment from Finlay Supplies on credit, $24,000. 12 Sold merchandise on credit to Comry Holdings, terms 2/15, 1/30, n/60, $5,800. 13 Received a $1,500 credit memo for merchandise purchased on October 7 and returned for credit. 13 Purchased office supplies on credit from Staples, $620, n/30. 15 Sold merchandise on credit to Tom Willis, terms 2/10, 1/30, n/60, $4,650. 15 Paid for the merchandise…

Prepare journal entries to record the following transactions. Create a T-account for AccountsPayable, post any entries that affect the account, and calculate the ending balance for the account. Assume anAccounts Payable beginning balance of $7,500.A. May 12, purchased merchandise inventory on account. $9,200B. June 10, paid creditor for part of previous month’s purchase, $11,350

Prepare the journal entries to record the following transactions on Cullumber Company's books under a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (a) (b) (c) On March 2, Marin Company sold $928,800 of merchandise to Cullumber Company on account, terms 2/10, n/30. The cost of the merchandise sold was $511,500. On March 6, Cullumber Company returned $108,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $60,800. On March 12, Marin Company received the balance due from Cullumber Company. Date Account Titles and Explanation Toxtbookand Media Debit Credit

Using the journal entries recorded for the previous worksheet, post the them on their respective general and subsidiary ledgers, and prepare the trial balance for March 2019.   Presented below are the transactions for Mariano Lerin Bookstore for March 2019.   Mar. 2  Purchased merchandise on credit from Digao Publishers, terms 2/10, n/30, P74,000.         3  Sold merchandise on credit to Detoya Book Shop, terms 1/10, n//30, P10,000.         5  Sold merchandise for cash, P7,000.         6  Purchased and received merchandise on credit from Made Easy Bookstore, terms 2/10, n/30, P42,000.         7  Received freight bill from Super Express from shipment received on March 6, P570.         9  Sold merchandise on credit to Recoletos Books, terms 1/10, n/30, P38,000.       10  Purchased merchandise from Digao Publishers, terms 2/10, n/30, P26,500.       11  Received freight bill from Super Express for sale on Mar. 9, P291.       12  Paid Digao Publishers for purchase of Mar. 2.       13…

A credit sale is made on July 10 for $800, terms 4/10, n/30. On July 12, $150 of goods are returned for credit. Give the journal entry on July 19 to record the receipt of the balance due within the discount period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation July 19 Debit Credit

Prepare the journal entries to record the following transactions on Crane Company’s books using a perpetual inventory system.   On March 2, Blue Company sold $999,000 of merchandise to Crane Company, terms 3/10, n/30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)  Account Titles and Explanation Debit Credit