Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. presented below is information related to cullumbe

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

60.1K

Verified Solution

Question

Accounting

Presented below is information related to Cullumber Company, owned by D. Flamont, for the month of January 2021.

Ending inventory per perpetual records

 $22,500

Insurance expense

 $12,000

Ending inventory actually on hand

 18,700

Rent expense

 18,700

Cost of goods sold

 207,000

Salaries expense

 54,300

Freight out

 6,900

Sales discounts

 10,200

Sales returns and allowances

 13,300

Sales

377,000

image
Date Account Titles and Explanation Debit Credit Jan. 31 (To close income statement account with credit balance.) Jan. 31 V (To close income statement accounts with debit balances.) Jan. 31 (To close Income Summary account.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students