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Home / Questions / 1. Chicken Hawk Co. has sales $360,000, salesreturns $3,000, COGS $105,000, wages expense ...

1. Chicken Hawk Co. has sales $360,000, salesreturns $3,000, COGS $105,000, wages expense $65,000, freight out$8,000, purchases $80,000, purchases returns $11,000, purchasesdiscounts $4,000, freight

1. Chicken Hawk Co. has sales $360,000, salesreturns $3,000, COGS $105,000, wages expense $65,000, freight out$8,000, purchases $80,000, purchases returns $11,000, purchasesdiscounts $4,000, freight in $9,000 and a gain of $17,000 for theyear ended December 31, 20xx. The beginning inventory is $10,000and the ending inventory is $16,000.

The journal entry to close the credit balance temporary accountswould credit the income summary account by how much? Don

 

May 22 2021 View more View Less

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