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Directions: Prepare a schedule of cost of goods sold for the three-month period and a statement of income for the period ended March 31, 2020. Prepare also a closing entry with the given data below. Write your answer on the space provided. III. Below are some of the accounts relating to the income of Ken Merchandising (owned by Thara Ken) for the one month period ended March 31, 2020: Sales 170,100 500,000 Merchandise Inventory, beginning Sales Returns and 165,000 15,000 Merchandise Inventory, Ending Allowances Sales Discounts 7,800 Purchase Discounts 1,800 Purchases 302,000 Freight-In 5,000 Purchase Returns and 4,9000 Rental Expense 5,000 Allowances Supplies Expense 1,200 Delivery Expense 2,100 Salaries Expense 18,000 Utilities Expense 8,000

Directions: Prepare a schedule of cost of goods sold for the three-month period and a statement of income for the period ended March 31, 2020. Prepare also a closing entry with the given data below. Write your answer on the space provided. III. Below are some of the accounts relating to the income of Ken Merchandising (owned by Thara Ken) for the one month period ended March 31, 2020: Sales 170,100 500,000 Merchandise Inventory, beginning Sales Returns and 165,000 15,000 Merchandise Inventory, Ending Allowances Sales Discounts 7,800 Purchase Discounts 1,800 Purchases 302,000 Freight-In 5,000 Purchase Returns and 4,9000 Rental Expense 5,000 Allowances Supplies Expense 1,200 Delivery Expense 2,100 Salaries Expense 18,000 Utilities Expense 8,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 2RE: Match the following items with correct accounting treatment (A through C):
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ACTIVITY Directions: Prepare a schedule of cost of goods sold for the three-month period and a statement of income for the period ended March 31, 2020. Prepare also a closing entry with the given data below. Write your answer on the space provided. III. Below are some of the accounts relating to the income of Ken Merchandising (owned by Thara Ken) for the one month period ended March 31, 2020: 170,100 500,000 Merchandise Inventory, beginning Sales Sales Returns and 165,000 15,000 Merchandise Inventory, Ending Allowances Sales Discounts 7,800 Purchase Discounts 1,800 Purchases 302,000 Freight-In 5,000 Purchase Returns and 4,9000 Rental Expense 5,000 Allowances Supplies Expense 1,200 Delivery Expense 2,100 Salaries Expense 18,000 Utilities Expense ৪,000
Transcribed Image Text:ACTIVITY Directions: Prepare a schedule of cost of goods sold for the three-month period and a statement of income for the period ended March 31, 2020. Prepare also a closing entry with the given data below. Write your answer on the space provided. III. Below are some of the accounts relating to the income of Ken Merchandising (owned by Thara Ken) for the one month period ended March 31, 2020: 170,100 500,000 Merchandise Inventory, beginning Sales Sales Returns and 165,000 15,000 Merchandise Inventory, Ending Allowances Sales Discounts 7,800 Purchase Discounts 1,800 Purchases 302,000 Freight-In 5,000 Purchase Returns and 4,9000 Rental Expense 5,000 Allowances Supplies Expense 1,200 Delivery Expense 2,100 Salaries Expense 18,000 Utilities Expense ৪,000
C. Closing Entries Date Account Name Debit Credit
Transcribed Image Text:C. Closing Entries Date Account Name Debit Credit
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