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Prepare closing entries from the following information on the Warner Books worksheet income statement columns. Additional information: Withdrawals equal $20 for the period.
Income Statement
DebitCredit
Sales80
Sales Ret. and Allow.8
Income Summary1622
Purchases42
Pur. Ret. and Allow.8
Sales Salaries Expense12
Office Salaries Expense4
50) Prepare the adjusting journal entries from the following items on the Pedersen Company worksheet.
ADJUSTMENTS
DebitCredit
Interest Receivable(a) 5
Merchandise Inventory(c) 4(d) 7
Supplies on Hand(b) 2
Interest Income(a) 5
Supplies Expense(b) 2
Income Summary(d) 7(c) 4
51) Prepare compound closing entries from the following information on the Thamesford Storage Company income statement columns from the worksheet.
INCOME STATEMENT
Debit Credit
Sales34
Sales Ret. and Allow.$2
Income Summary911
Purchases22
Pur. Ret. and Allow.3
Sales Salaries Expense5
Office Salaries Expense 2
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