question archive Prepare the journal entries to record the following transactions on Kwang Company’s books using a perpetual inventory system
Subject:AccountingPrice: Bought3
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Brief Exercise 5-6
Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000.
Prepare the entries to record the closing of these items to Income Summary.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation |
Debit |
Credit |
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(To close accounts with credit balances.) |
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(To close accounts with debit balances.) |
Brief Exercise 5-8
State where each of the following items would appear on (1) a multiple-step income statement, and on (2) a single-step income statement: (a) gain on sale of equipment, (b) interest expense, (c) casualty loss from vandalism, and (d) cost of goods sold.
Multiple-Step Income Statement |
Single-Step Income Statement |
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Item |
Section |
Section |
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(a) |
Gain on sale of equipment |
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(b) |
Interest expense |
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(c) |
Casualty loss from vandalism |
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(d) |
Cost of goods sold |
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