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  • Accounting 2 Acu Assignment

    Transféré par

    Mega Pop Locker
    55 vues5 pages
    This document contains 4 journal entries that close out revenue, expenses, and capital for a period. Entry 1 closes revenues of $246,000 and expenses of $193,000, leaving net income of $53,000. Entry 2 closes out various expense accounts. Entry 3 closes the $53,000 net income to the capital account. Entry 4 closes a $48,000 withdrawal out of capital. It also includes a multiple-step income statement calculating gross profit of $145,000 and net income of $53,000.

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    This document contains 4 journal entries that close out revenue, expenses, and capital for a period. Entry 1 closes revenues of $246,000 and expenses of $193,000, leaving net income of $53,000. Entry 2 closes out various expense accounts. Entry 3 closes the $53,000 net income to the capital account. Entry 4 closes a $48,000 withdrawal out of capital. It also includes a multiple-step income statement calculating gross profit of $145,000 and net income of $53,000.

    Droits d'auteur :

    © All Rights Reserved
    Téléchargez comme DOCX, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    55 vues5 pages

    Accounting 2 Acu Assignment

    Transféré par

    Mega Pop Locker
    This document contains 4 journal entries that close out revenue, expenses, and capital for a period. Entry 1 closes revenues of $246,000 and expenses of $193,000, leaving net income of $53,000. Entry 2 closes out various expense accounts. Entry 3 closes the $53,000 net income to the capital account. Entry 4 closes a $48,000 withdrawal out of capital. It also includes a multiple-step income statement calculating gross profit of $145,000 and net income of $53,000.

    Droits d'auteur :

    © All Rights Reserved
    Téléchargez comme DOCX, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 5

    1)

    ENTRY 1 - CLOSE REVENUES


    Date Description
    Sales revenues
    Interest revenue
    Income summary

    Debit
    244000
    2000

    Credit

    246000

    ENTRY 2 - CLOSE EXPENSES, SALES R&A, AND SALES


    DISCOUNTS
    Date Description
    Debit
    Credit
    Income summary
    193000
    Cost of goods sold
    Sales return and allowance
    Sales discount
    Salaries expenses
    Rent expenses
    Utilities expenses
    Depreciation expenses
    Supplies expenses
    Interest expense

    ENTRY 3 - CLOSE income summary


    Date Description
    Income summary
    Capital

    81000
    10000
    8000
    727000
    7700
    5800
    2700
    2200
    2900

    Debit
    53000

    Credit
    53000

    ENTRY 4 - CLOSE withdrawal


    Date Description
    Capital
    Withdrawal

    Debit
    48000

    Credit
    48000

    2)

    MULTIPLE-STEP INCOME STATEMENT


    NET SALES
    Sales
    Less sales discount
    Less sales return and allowance

    226000
    244000
    ( 8000)
    (10000)

    - COST OF MERCHANDISE SOLD


    = GROSS PROFIT
    - OPERATING EXPENSES
    Selling Expenses

    (81000)
    145000

    Administrative Expenses
    Depreciation expenses
    Salaries expenses
    Rent expenses
    Utilities expense
    Supplies expenses
    = INCOME FROM OPERATIONS
    + OTHER INCOME
    Interest revenue
    - OTHER EXPENSE
    Interest expenses
    NET INCOME

    91100

    -----

    2700
    72700
    7700
    5800
    2200
    57000
    2000
    2000
    2900
    2900

    3) Gross profit percentage = gross profit / sales =


    145000/ 226000= 0.64=64%

    53000

    Problem 5-1
    Date
    3

    Date
    9

    12

    Date

    Date
    15

    Date
    16

    Date
    18

    Description
    Inventory
    Account payable

    Debit
    1600

    Description
    Account payable
    Inventory

    Debit
    640

    Cash
    Sales

    920

    Description
    COGS
    Inventory

    Debit
    550

    Description
    Inventory
    Account payable

    Debit
    5000

    Description
    Freight in
    cash

    Debit
    260

    Description
    Account receivable

    Debit
    2000

    Credit
    1600

    Credit
    640

    920

    Credit
    550

    Credit
    5000

    Credit
    260

    Credit

    Sales
    Cogs
    Inventory

    Date
    22

    Date
    24

    Date
    28

    Date
    28

    2000
    1180
    1180

    Description
    Sales return and allowance
    Account receivable
    Inventory
    Cogs

    Debit
    800

    Description
    Account payable
    Cash
    inventory

    Debit
    5000

    Description
    Cash
    Sales discount
    Account receivable

    Debit
    1176
    24

    Description
    Account payable
    cash

    Debit
    960

    Credit
    800

    480
    480

    Credit
    4850
    150

    Credit

    1200

    Credit
    960

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