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joja [24]
3 years ago
7

The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2018, unadjusted

trial balance of Emiko Co.. Emiko Co. uses a perpetual inventory system. Debit Credit Merchandise inventory $ 30,000 Prepaid selling expenses 5,600 Dividends 33,000 Sales $ 529,000 Sales returns and allowances 17,500 Sales discounts 5,000 Cost of goods sold 212,000 Sales salaries expense 48,000 Utilities expense 15,000 Selling expenses 36,000 Administrative expenses 105,000 Additional Information Accrued sales salaries amount to $1,700. Prepaid selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory shows $28,700 of goods still available. (a) Use the above account balances along with the additional information, prepare the adjusting entries. (b) Use the above account balances along with the additional information, prepare the closing entries.
Business
2 answers:
sleet_krkn [62]3 years ago
8 0

General Journal

A. Adjusting entries

Dec 31

Dr Sales salaries expense1,700

Cr Salaries payable1,700

Dec 31

Dr Selling expenses 3,000

Cr Prepaid selling expenses 3,000

Dec 31

Dr Cost of goods sold (30,000- 28,700) 1,300

Cr Merchandise inventory 1,300

B.Closing Entries

31 Dec

Dr Sales 529,000

Cr Income summary 529,000

Dec 31

Dr Income summary 444,500

Cr Sales returns and allowances 17,500

Cr Sales discounts 5,000

Cr Cost of goods sold( 212,000+1300) 213,300

Cr Sales salaries expense (48,000+1,700) 49,700

Cr Utilities expense 15,000

Cr Selling expenses (36,000+3000) 39,000

Cr Administrative expenses 105,000

Dec 31

Dr Income summary (529,000-444,500) 84,500

Cr Emiko, Capital 84,500

Dec 31

Dr Emiko, Capital 33,000

Cr Emiko,Withdrawals 33,000

artcher [175]3 years ago
6 0

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

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As the price of jeans rises, Levi Strauss is likely to A. decrease production and thus decrease the supply. B. increase producti
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