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    Closing Entries Exercises

    Cargado por

    Rodolfo Corpuz
    The document contains the closing journal entries for FileAsia Distributors and Doll Distributors for April 30, 2016. For FileAsia, sales were $45,300 and expenses totaled $44,096, with the remainder of $2,296 going to the capital account of owner J. Lopez. For Doll Distributors, sales were also $45,300 while expenses totaled $31,388, with the difference of $4,608 going to the capital account of owner J. Lopez. Both companies recorded drawings of $2,008 from the capital account by owner J. Lopez.

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    © All Rights Reserved
    Descargue como DOC, PDF, TXT o lea en línea desde Scribd

    Closing Entries Exercises

    Cargado por

    Rodolfo Corpuz
    69 vistas2 páginas
    The document contains the closing journal entries for FileAsia Distributors and Doll Distributors for April 30, 2016. For FileAsia, sales were $45,300 and expenses totaled $44,096, with the remainder of $2,296 going to the capital account of owner J. Lopez. For Doll Distributors, sales were also $45,300 while expenses totaled $31,388, with the difference of $4,608 going to the capital account of owner J. Lopez. Both companies recorded drawings of $2,008 from the capital account by owner J. Lopez.

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    Closing Entries exercises

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    The document contains the closing journal entries for FileAsia Distributors and Doll Distributors for April 30, 2016. For FileAsia, sales were $45,300 and expenses totaled $44,096, with the remainder of $2,296 going to the capital account of owner J. Lopez. For Doll Distributors, sales were also $45,300 while expenses totaled $31,388, with the difference of $4,608 going to the capital account of owner J. Lopez. Both companies recorded drawings of $2,008 from the capital account by owner J. Lopez.

    Copyright:

    © All Rights Reserved
    Descargue como DOC, PDF, TXT o lea en línea desde Scribd
    Descargar como doc, pdf o txt
    69 vistas2 páginas

    Closing Entries Exercises

    Cargado por

    Rodolfo Corpuz
    The document contains the closing journal entries for FileAsia Distributors and Doll Distributors for April 30, 2016. For FileAsia, sales were $45,300 and expenses totaled $44,096, with the remainder of $2,296 going to the capital account of owner J. Lopez. For Doll Distributors, sales were also $45,300 while expenses totaled $31,388, with the difference of $4,608 going to the capital account of owner J. Lopez. Both companies recorded drawings of $2,008 from the capital account by owner J. Lopez.

    Copyright:

    © All Rights Reserved
    Descargue como DOC, PDF, TXT o lea en línea desde Scribd
    Descargar como doc, pdf o txt
    de 2

    FileAsia DISTRIBUTORS

    CLOSING JOURNAL ENTRIES


    April 30, 2016

    Date Particulars Acct Code DBIT CREDIT


    April 30 Sales 45,300.00
    Income & Expense Summary 44,096.00
    Sales Return and Allowances 900.00
    Sales Discount 304.00

    Income and Expense Summary 41,800.00


    Cost of Goods Sold 33,700.00
    Advertising 1,000.00
    Freight Out 200.00
    Rent 3,500.00
    Salaries 3,000.00
    Utilities 400.00

    Income and Expense Summary 2,296.00


    J.Lopez Capital 2,296.00

    J.Lopez Capital 2,008.00


    J. Lopez Drawing 2,008.00

    DOLL DISTRIBUTORS
    CLOSING JOURNAL ENTRIES
    April 30, 2016

    Date Particulars Acct Code DBIT CREDIT


    April 30 Sales 45,300.00
    Income & Expense Summary 44,096.00
    Sales Return and Allowances 900.00
    Sales Discount 304.00

    Merchandise Inventory End 25,000.00


    Purchase Return and Allowances 800.00
    Purchase Discount 312.00
    Income and Expense Summary 31,388.00
    Purchases 56,800.00
    Freight In 700.00

    Income and Expense Summary 8,100.00


    Advertising 1,000.00
    Freight Out 200.00
    Rent 3,500.00
    Salaries 3,000.00
    Utilities 400.00

    Income and Expense Summary 4,608.00


    J.Lopez Capital 4,,608.00

    J.Lopez Capital 2,008.00


    J. Lopez Drawing 2,008.00
    117,516,00 117,516.00

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