Question

Presented below is information related to Sunland Company, owned by D. Flamont, for the month of...

Presented below is information related to Sunland Company, owned by D. Flamont, for the month of January 2017.

Ending inventory per perpetual records $22,800 Insurance expense $11,500
Ending inventory actually on hand 17,800 Rent expense 20,200
Cost of goods sold 211,000 Salaries expense 55,800
Freight out 7,100 Sales discounts 9,100
Sales returns and allowances 13,900
Sales

369,000

1. Prepare the necessary adjusting entry for inventory.

2. Prepare the necessary closing entries. D. Flamont did not withdraw any cash during the month of January.

Business   Accounting   
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Answer #1

adjusting entry

Date account and explanation Debit Credit
Cost of goods sold (22800-17800) 5000
Merchandise inventory 5000

Closing entries

No General Journal Debit Credit
a Sales 369000
Income summary 369000
b Income summary 333600
Cost of goods sold 216000
Freight out 7100
Sales return and allowance 13900
Sales discount 9100
Insurance expense 11500
Rent expense 20200
Salaries expense 55800
c Income summary 35400
Retained earnings 35400
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