Prepare the entries to record the closing of these items

Assignment Help Accounting Basics
Reference no: EM132945188

Problem - Martinez Company has the following account balances: Sales Revenue $220,800, Sales Discounts $2,810, Cost of Goods Sold $133,000, and Inventory $46,700. Prepare the entries to record the closing of these items to Income Summary.

Reference no: EM132945188

Questions Cloud

Prepare general journal entries on December : Prepare general journal entries on December 31, 2021 to record the liquidation of Frozen Inc. Assuming that the other assets are sold for $96,000 cash
When should revenue be recorded for the company : When should revenue be recorded for the company? Why. On December 15, 2015, a public company received an order from a customer
Journalize the adjusting entry needed at year-end : Journalize the adjusting entry needed at year-end for each situation. The business has an interest expense of $9,000 early in January 2017.
Which statements about issued and outstanding stock correct : Which statements about issued and outstanding stock is correct? Issued stock equals the sum of outstanding stock and treasury stock.
Prepare the entries to record the closing of these items : Sales Discounts $2,810, Cost of Goods Sold $133,000, and Inventory $46,700. Prepare the entries to record the closing of these items to Income Summary
Which combined effect of the declaration on a company : Which combined effect of the declaration and payment of cash dividend on a company's financial statements is to? decrease total assets and decrease stockholders
What the net present values of expected future cash flows : On the basis of the current value of the business as of January 1, 2021, what are the net present values of the expected future cash flows
What step completes the process for adding transactions : In QuickBooks Online, What step completes the process for adding all of these transactions to the bank feed at the same time?
What would the transaction for george company : The company declared and issued a 5% stock dividend, when the market price of the stock was $22 per share. This transaction would

Reviews

Write a Review

Accounting Basics Questions & Answers

  What might you suggest in forming the final agreement

Lindsey Wilson has agreed to invest $200,000 into an LLC with Lacy Lovett and Justin Lassiter. What might you suggest in forming the final agreement

  The average operating assets decrease

explain why residual income increases when the average operating assets decrease?

  What is sallys and lisas realized and recognized gain

What is Sally's and Lisa's realized and recognized gain/loss? What is Sally's and Lisa's basis in her new property?Sally and lisa exchange properties.

  Advantage of a sole proprietorship form of business?

advantage of a sole proprietorship form of business?

  Determine net purchases and ending inventory

Determine net purchases and ending inventory given goods available for sale were $15,800 and beginning inventory was $8,200

  Compute the total cost of job

Job A45 required 4 boxes of direct materials at a cost of $30 per box and took employees 20 hours to complete

  How to draw an income statement which includes purchases

How to draw an income statement which includes purchases, sales return, carriage inwards, purchase return and carriage outwards

  What happens if the stock price hits

What happens if the stock price hits US$23? What happens if the stock price hits US$23.01? What purpose could adding a technology company into a stock portfolio

  What is the amount of their personal exemptions

John and Georgia are a married couple with two dependent sons. What is the amount of their personal exemptions

  What is the percentage of completion for tower

Common Area (which is to be prorated to their saleable area) $100,000,000. What is the percentage of completion for tower 1

  What is the estimated amount of factory overhead

The independent variable, factory wages, amounts to $900,000 for the month. What is the estimated amount of factory overhead to be allocated for the month

  Post the journal entries to the t-accounts

Post the journal entries to the T-accounts. No posting references are needed. Show the December 31, 2018 balances on the T-accounts

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd