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Make the necessary journal entry or entries

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Reference no: EM132580589

Doyle's Art buys and sells paintings from emerging artists. The values of the works are prone to fluctuate considerably based on the ever changing stature of a particular artist.

The company's inventory on 31.12.2018 and necessary information is listed below.

Requariment:

Question 1: Make the necessary journal entry or entries.

Painting                          Cost           Estimated Selling Price           Estimated Selling Expense

Fire on Hill                    $1.000              $1.400                              $300

Horses in Aspen Grove      2.500               800                                  100

Baby's First Smile             3.000              6.000                                 500

Endless War                 2.000                        2.200                            300

Rain Drop on Cactus       1.500                         2.500                          400

Election Day Upset           2.300                        1.600                           200

Reference no: EM132580589

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