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Ilia_Sergeevich [38]
3 years ago
15

The adjusted trial balance of Antoine Corporation at December 31 shows that sales revenue for the year was $ 520 comma 000 and o

ther revenue was $ 49 comma 000. Cost of goods sold for that same period was $ 280 comma 000​, while other expenses totaled $ 210 comma 000. The corporation declared and paid dividends of $ 18 comma 000 during the year. The balance of retained earnings before closing entries was $ 490 comma 000. Read the requirements LOADING.... 1. Prepare the closing entries for​ revenues, expenses, and dividends for the year. ​(Record debits​ first, then credits. Exclude explanations from any journal​ entries.) Begin by recording the entry to close out the revenue accounts.
Business
1 answer:
LenaWriter [7]3 years ago
5 0

Answer:

Explanation:

The closing entries for the following accounts are shown below:

1. Sales Revenue A/c Dr $520,000

 Other revenue A/c Dr $49,000

                  To Income Summary A/c $569,000

(Being revenue account closed)

2. Income Summary A/c Dr $490,000

      To  Cost of goods sold $280,000

      To other expenses $210,000

(Being expenses accounts are closed)

3. Income summary A/c Dr $79,000 ($569,000 - $490,000)

                  To Retained earning $79,000

(Being the difference is credited to retained earning)

4. Retained earnings A/c Dr $18,000

           To Dividend A/c $18,000

(Being dividend account is closed)

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A. (i) only

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Emily works in the stockroom at a retail store for $10/hour on Saturdays. The store is within near walking distance of her home.
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Answer:

Correct options

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Incorrect option

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On both jobs Emily will incur cost of clothing and other personal items, so this is not a cost she should be considering in making a decision between the two jobs.

4 0
3 years ago
Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible.
kogti [31]

Answer: Please see the required journals below:

Mar. 17:

Debit Allowance for doubtful accounts $1,000

Credit Accounts receivable $1,000

July 29:

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Explanation: On March 17, when $275 was received from Shawn and the remaining balance of $1,000 was written off, the allowance for doubtful accounts has to be debited since the company adopts the allowance method of accounting for uncollectible receivables. Note that the allowance account would have the required buffer to take care of this debit. Similarly, when the recovery was made, cash would be debited then the credit would default to income statement.

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Outline 2 reasons for completing assigned tasks daily​
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Answer:

The correct answer is (B)

Explanation:

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6000$ * 8 =48000$

An average American could buy 8 times more than the average American in 1950.

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3 years ago
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