Exercise 5-15 (Algo) Preparing closing entries for a merchandiser LO P3 The following list includes...
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Accounting
Exercise 5-15 (Algo) Preparing closing entries for a merchandiser LO P3
The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Company. Use these normal account balances to journalize closing entries.
| Debit | Credit | |
|---|---|---|
| K. Emiko, Withdrawals | $ 51,000 | |
| Sales | $ 601,000 | |
| Sales returns and allowances | 21,100 | |
| Sales discounts | 6,800 | |
| Cost of goods sold | 248,000 | |
| Sales salaries expense | 66,000 | |
| Utilities expense | 24,000 | |
| Selling expenses | 45,000 | |
| Administrative expenses | 123,000 |
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