Income Summary Assignment

Income Summary Assignment

Debit Credit S Cash $24,100 Accounts Receivable 41,700 Allowance for Doubtful Accounts $656 Inventory, December 31 80,440 Prepaid Insurance 5,920 Equipment 91,000 Accumulated Depreciation-Equipment 37,800 Notes Payable 25,360 Common Stock 75,265 Retained Earnings 9,440 Sales Revenue 657,909 Cost of Goods Sold 422,700 Salaries and Wages Expense (sales) 64,800 y Advertising Expense 7,350 Salaries and Wages Expense (administrative) 63,560 Supplies Expense 4,860 $806,430 $806,430 Construct T-accounts and enter the balances shown. Cash Inventory Prepaid Insurance Common Stock Salaries and Wages Expense MacBook Pro Salaries and Wages Expense Retained Earnings Accounts Receivable Equipment Notes Payable Sales Revenue Advertising Expense Supplies Expense Cost of Goods Sold Allow. for Doubtful Accts. Accum. Depr.-Equipment Prepare to adjust journal entries for the following. (Credit account titles are automatically entry” for the account titles and enter 0 for the amounts.)
1. Bad debt expense is estimated to be $1,317. 2. Equipment is depreciated based on a 7-year life (no salvage value). 3. Insurance expired during the year $2,632. 4. Interest accrued on notes payable $3,676. 5. Sales salaries and wages earned but not paid $2,532. 6. Advertising paid in advance $656. 7. Office supplies on hand $1,600, charged to Supplies Expense when purchased. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 7, Cash 24,100 Bal. Inventory 80,440 Bal. Prepaid Insurance Bal. 5,920 Common Stock Bal. 75,265 Salaries and Wages Expense Bal. 128,360 Bad Debt Expense Interest Payable Supplies Retained Earnings Bal. 9,440 Accounts Receivable Bal. 41,700 Equipment Bal, 91,000 Notes Payable Notes Payable Bal. 25,360 Sales Revenue Bal. 657,909 Advertising Expense Bal. 7,350 Supplies Expense Bal. 4,860 Apr. Exp. Salaries and Wages Payable Cost of Goods Sold Bal. 422,700 Allow. for Doubtful Accts. Bal. 656 Accum. Depr-Equipment Bal. 37,800 Insurance Expense Prepaid Advertising SHOW LIST OF ACCOUNTS LINK ΤOΤΕXT LINK TO TEXT Prepare closing entries. (Credit account titles are automatically indented when the amount is titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31 (To close revenue account) 2. Dec. 31 (To close expense accounts). 3. Dec. 31 (Tó close net income / (loss)) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Post closing entries. Cash Bal. 24,100 Inventory Bal. 80,440 Prepaid Insurance 5,920 Adj Bal. 2,632 3,288 Common Stock Bal. 75,265 Salaries and Wages Expense Bal. 128,360 Adj. 2,532 Bad Debt Expense Adj. 1,317 Interest Payable Adj. 3,676 Supplies MacBook Pro Supplies 1,600 Adj. Retained Earnings Bal. 9,440 Accounts Receivable Bal. 41,700 Equipment Bal. 91,000 Notes Payable Bal. 25,360 Sales Revenue Bal. 657,909 Advertising Expense 7,350 Adj. Bal. 656 Supplies Expense 4,860 Adj. Bal. 1,600 Depr. Exp. Adj. 13,000 Salaries and Wages Payable Adj. 2,532 Salaries and Wages Payable 2,532 Adj. Cost of Goods Sold 422,700 Bal. Allow. for Doubtful Accts. 656 Bal. Adj. 1,317 1,973 Accum. Depr.-Equipment Bal. 37,800 Adj. 13,000 50,800 Interest Expense Bal. 3,676 Insurance Expense Adj. 2,632 Prepaid Advertising Adj. 656 Income Summary SHOW LIST OF ACCOUNT.

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