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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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The trial balance for a merchandiser is as follows. A physical count of inventory at the end of the accounting year reveals $28,000 of inventory on hand. (Assume a perpetual inventory system.)

   Debit   Credit
Cash   $12,600   
Accounts Receivable   2,400   
Prepaid Rent   800   
Merchandise Inventory   30,000   
Accounts Payable      $4,200
Salaries Payable      1,000
Notes Payable      800
Common Stock      10,000
Retained Earnings      3,800
Dividends   1,000   
Sales Revenue      96,000
Sales Returns and Allowances   1,600   
Sales Discounts   400   
Cost of Goods Sold   23,000   
Salaries Expense   21,000   
Rent Expense   14,000   
Selling Expense   8,500   
Supplies Expense   500   ________
Total   $115,800   $115,800

Give journal entry to record the inventory shrinkage, and the entries to close the Sales Revenue account, the expense accounts and contra revenue accounts with a debit balance, and the the Income Summary account and the Dividends account.
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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H3Ko Author
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8 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
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