Friar Company's ledger includes the following information at the end of the period: 10 Sales...
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Friar Company's ledger includes the following information at the end of the period: 10 Sales $340,000 Sales discounts $5,500 Sales Returns $14,000 Merchandise Inventory (beginning of period) $30,000 Purchases $175,000 Purchase discounts $3,600 Purchase returns and allowances S6 000 Freight-in $11,000 Depreciation Expense $56,000 Salaries Expense S78,000 Merchandise Inventory (end of period) S60.000 Using the information provided, calculate the following: i) 1st closing entry amount in Income Summary account for December 31 ii) 2nd closing entry amount in Income Summary account for December 31. il) 3rd closing entry amount in Income Summary account for December 31: (hp
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