question archive The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2011, unadjusted trial balance of Deacon Co
The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2011, unadjusted trial balance of Deacon Co
Subject:AccountingPrice: Bought3
The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2011, unadjusted trial balance of Deacon Co., a business owned by Julie Deacon. Use these account balances along with the additional information to journalize (a) adjusting entries and (b) closing entries. Deacon Co. uses a perpetual inventory system.DebitCreditMerchandise inventory$ 28,000Prepaid selling expenses5,000J. Deacon,Withdrawals2,200Sales$429,000Sales returns and allowances16,500Sales discounts4,000Cost of goods sold211,000Sales salaries expense47,000Utilities expense14,000Selling expenses35,000Administrative expenses95,000Additional InformationAccrued sales salaries amount to $1,600. Prepaid selling expenses of $2,000 have expired. A physical count of year-end merchandise inventory shows $27,450 of goods still available.
