Using the information in Ex 5-26 on page 373 and 374, what would be the entry to close out those temporary accounts with credit balances - journal entry #1 in the closing journal entries process? Select one: a. Dr. Inventory $2,550, Dr. Purchase Discounts $37, Dr. Purchase Returns & Allowances $110, Dr. Sales $38,200 and Cr. Income Summary $40,897 b. Dr. Sales $38,200 and Cr. Income Summary $38,200 c. Dr. Purchase Discounts $37, Dr. Purchase Returns & Allowances $110, Dr. Sales $38,200 and Cr. Income Summary $38,347 d. Dr. Inventory $6,600, Dr. Purchase Discounts $37, Dr. Purchase Returns & Allowances $110, Dr. Sales $38,200 and Cr. Income Summary $44,947
compare Friar Company's performance from 2019 to 2020. *Exercise 5-26 Preparing an income statement-periodic L07 CHECK FIGURE: C. Loss = $1183 The following is John's Electronics' adjusted account information listed in alphabetical order for the month ended April 30, 2020. A physical count on April 30, 2020, revealed a merchandise inventory balance actually on hand of $2,550. An asterisk (*) identifies asignment material based on Appendix SA or Appendix 58.
CHAPTER 5 Accounting for Merchandising Activities Account Debit Credit 201 154 $ 2.208 16,500 101 611 633 2,050 730 130 27,225 301 302 119 9.650 6,600 37 110 Accounts payable Accumulated depreciation, trucks Cash Depreciation expense, delivery trucks Interest expense John Yu, capital John Yu, withdrawals Merchandise Inventory Purchase discounts Purchase returns and allowances Purchases Sales Sales returns and allowances Telephone expense, office Telephone expense, store. Transportation in Trucks Wages expense, office Wages expense, selling Totals 17,040 507 506 505 413 414 688 689 508 153 623 624 38.200 1.830 150 430 470 30,500 5.800 8.900 $84 280 $84.280 Required a. Calculate net sales. b. Calculate cost of goods sold. c. Prepare a classified multiple-step income statement for the month ended April 30, 2020.
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