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

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

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 on account, terms FOB shipping point, 1/10, n/30. The

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

   correct amount is paid within the discount period.

Record the foregoing transactions of the buyer in the sequence indicated below.

(a)

Purchased the merchandise.

(b)

Recorded receipt of the credit memorandum for merchandise returned.

(c)

Paid the amount owed.

Date

Description

Post Ref

Debit

Credit

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Expert Solution

ekkarill92 answered 7 months ago
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