Accountancy, asked by nicx, 10 months ago

Accounting homework (Adjusting and Closing Entries).
Help!!!
What is the adjusting and closing entries of the following information:
A. Office supplies consumed during the year amounted to 17,000.
B. Advertising expense in the amount of 25,000 has expired during the year/
C. Salaries of 21,000 have accrued as at Dec.31, 2010.
D. Depreciation on the office building and on the office equipment amounted to 15,000 and 20,000, respectively.
E. The Dec.31,2010 ending inventory is 723,000.
F. Estimated that 1% of sales are doubtful of collections.
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This is the ledger accounts:
Accu. Depreciation-Off. Bldg. -100,000
Accu. Depreciation-Off. Equip. - 150,000
A/R - 136,000
A/P - 74,000
Cash - 72,000
Transportation In - 72,000
Insurance Expense - 25,000
Interest Expense - 208,000
Seechua, Capital - 1,510,000
Seechua, Drawings - 200,000
Land - 400,000
Merchandise Inv. - 598,000
Mortgage Payable - 1,100,000
Notes Payable due in 2 yrs. - 200,000
Office Building - 1,600,000
Office Equipment - 570,000
Office Supplies - 42,000
Prepaid Advertising - 75,000
Purchases Discounts - 172,000
Purchases Rets. & Allow. - 133,000
Purchases - 2,643,000
Salaries Expense - 862,000
Sales Discounts - 161,000
Sales Returns and Allow. - 187,000
Sales - 4,600,000
Travel Expense - 188,000

Answers

Answered by puranchand2665
0

Answer:

2 p/l dr side and liabilities side of balance sheet

3 p/l cr side and asset side of balance sheet

4 depreciation will be deducted from the given assets in asset side of balance sheet and depreciation

amount shown in the dr side of p/l ac

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