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    Preparing adjusting and closing entries

    Asked Oct 2, 2008, 02:00 PM 1 Answer
    The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2008, unadjusted trail balance of a corporation.Journalize the adjusting entries and closing entries.This corporation uses the perpetual inventory system.

    Merchandise inventory $30,000
    Prepaid selling expenses 5,600
    Owner widrawal 33,000
    Sales 529,000
    Sales return 15,500
    Sales discount 5000
    Cost of goods sold 212,000
    Sales salaries expense 40,000
    Utilities expense 15,000
    Selling expense 38000
    Administrative expense 105,000

    Last edited by moonkhan; Oct 2, 2008 at 02:05 PM. Reason: the question was uncomplete
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    moonkhan Posts: 32, Reputation: 1
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    Oct 3, 2008, 02:49 PM
    [QUOTE=moonkhan;1302671]The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2008, unadjusted trail balance of a corporation.Journalize the adjusting entries and closing entries.This corporation uses the perpetual inventory system.

    Merchandise inventory $30,000
    Prepaid selling expenses 5,600
    Owner widrawal 33,000
    Sales 529,000
    Sales return 15,500
    Sales discount 5000
    Cost of goods sold 212,000
    Sales salaries expense 40,000
    Utilities expense 15,000
    Selling expense 38000
    Administrative expense 105,000
    Additional Information
    Accrued sales saleries amount to 1,700. Prepaid selling expenses of $3,000 have expired. A physical count of year-end merchandise inventory shows $28, 450 of goods still available.
    I am confused about the closing entries. Please help me out to solve this question.
    Helpful

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