Monthly Archives: November 2015

Juan Morales Company had the following account balances at year-end

Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise … Continue reading

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On June 10, Tuzun Company purchased $8,000 of merchandise from Epps

On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June … Continue reading

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Keenan Company has an inexperienced accountant

Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. A payment on account of $840 to a creditor was … Continue reading

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Kay Magill Company had the following adjusted trial balance

Kay Magill Company had the following adjusted trial balance. Instructions a) Prepare closing entries at June 30, 2015. b) Prepare a post-closing trial balance. Here’s the SOLUTION

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