Answer:
Explanation:
Dec 31, 2018
Dr Sales Salaries expense 1,700
Cr Sales Salaries payable 1,700
Dec 31, 2018
Dr Selling expense 3,000
Cr Prepaid selling expense 3,000
Dec 31, 2018
Dr COGS 1,300
Cr Merchandise inventory 1,300
COGS = Merchandise inventory - Year end inventory = 30,000 - 28700 = 1300
Dec 31, 2018
Dr Sales Revenue 529,000
Cr Income summary 529,000
Dec 31, 2018
Dr Income summary 444,500
Cr Sales return and allowances 17,500
Cr Sales discounts 5,000
Cr COGS 213,300
Cr Sales salaries payable 49,700
Cr Utilities expense 15,000
Cr Selling expense 39,000
Cr Administrative expenses 105,000
Dec 31, 2018
Dr Income Summary 84,500
Cr Retained earnings 84,500
Net Income = Total Sales - Total Expenses = 529,000 - 444,500 = 84,500
Dec 31, 2018
Dr Retained earnings 33,000
Cr Withdrawal 33,000
