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Setler [38]
3 years ago
13

Sunland Company has the following account balances: Sales Revenue $226,700, Sales Discounts $4,410, Cost of Goods Sold $129,600,

and Inventory $39,200. Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Business
1 answer:
Kaylis [27]3 years ago
8 0

Answer and Explanation:

The Journal entry is shown below:-

1. Sales revenue Dr,  $226,700

        To Income revenue $226,700

(Being close accounts with credit income balances is recorded)

2. Income revenue Dr, $134,010

         To Sales discount $4,410

         To Cost of goods sold $129,600

(Being close accounts with debit expenses account is recorded)

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yes

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Amounts withheld from each employee for social security and medicare vary by state.
satela [25.4K]

It is False.

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3 0
2 years ago
Assuming Year 2 net credit sales totaled $122,000, what was the company's average days to collect receivables
Montano1993 [528]

Answer:

44.88 days

Explanation:

Note: The full question is attached

Average amount of accounts receivables = ($16,000+$14,000)/2

Average amount of accounts receivables = $15,000

Average days to collect receivables = Days * AR / Credit sales  

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= 44.87704918032787 days

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3 years ago
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