Serrano, a clothing and apparel company, suffered major losses when one of its warehouses was destroyed in a fire mishap. In an
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Answer: 5 Households
Explanation:
The y-axis shows the number of households using a certain number of TV sets while the x-axis shows the number of TV sets that households own.
There are only 5 households that own 5 televisions sets. This is the lowest number of households that own the same number of television sets and this makes sense because owning 5 television sets in a single household is not something that is usually seen.
Answer:
A) Adjusting entries:
Dr Sales salaries expense 2,400
Cr Sales salaries payable 2,400
Dr Selling expenses 2,100
Cr Prepaid selling expenses 2,100
Dr Cost of goods sold 3,700
Dr Merchandise inventory 3,700
B) prepare the closing entries
Dr Sales revenue 550,900 (net = $557,000 - $19,900 - $6,200)
Cr Income summary 550,900
Dr Income summary 484,200
Cr Cost of goods sold 239,700 (net = $236,000 + $3,700)
Cr Sales salaries expense 62,400 (net = $60,000 + $2,400)
Cr Selling expense 44,100 (net = $42,000 + $2,100)
Cr Utilities expense 21,000
Cr Administrative expense 117,000
Dr Income summary 66,700 (= $550,900 - $484,200)
Cr Retained earnings 66,700
Dr Retained earnings 45,000
Cr Dividends 45,000
