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  3. 3. on the basis of the following data taken from t

3. On the basis of the following data taken from the Adjusted Trial Balance columns of...

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Question

Accounting

3. On the basis of the following data taken from the AdjustedTrial Balance columns of the work sheet for the year ended March 31for Boles Athletic Company, journalize the four closingentries.

Cash

$  30,000

Accounts Receivable

45,200

Supplies

5,000

Equipment

169,900

Accumulated Depreciation

$  32,000

Accounts Payable

12,500

Capital Stock

71,600

Dividends

47,000

Fees Earned

510,000

Salary Expense

244,500

Rent Expense

48,000

Depreciation Expense

25,000

Supplies Expense

9,500

Miscellaneous Expense

      2,000

$626,100

$626,100

Date

Description

Post Ref

Debit

Credit

4. Merchandise with a list price of $7,500 is purchased onaccount, terms FOB shipping point, 1/10, n/30. The

   seller prepaid transportation costs of $300. Priorto payment, $2,000 of the merchandise is returned. The

   correct amount is paid within the discountperiod.

Record the foregoing transactions of the buyer in the sequenceindicated below.

(a)

Purchased the merchandise.

(b)

Recorded receipt of the credit memorandum for merchandisereturned.

(c)

Paid the amount owed.

Date

Description

Post Ref

Debit

Credit

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