Reference no: EM132680353
Problem - Closing entries using periodic inventory system
Pyramid Company is a small rug retailer owned and operated by Rosemary Endecott. After the accounts have been adjusted on January 31, the following selected account balances were taken from the ledger:
Advertising Expense $40,000
Depreciation Expense 15,000
Dividends 60,000
Freight In 8,000
Merchandise Inventory, January 1 250,000
Merchandise Inventory, January 31 300,000
Miscellaneous Expense 29,000
Purchases 750,000
Purchases Discounts 12,000
Purchases Returns and Allowances 8,000
Salaries Expense 175,000
Sales 1,200,000
Sales Discounts 20,000
Sales Returns and Allowances 30,000
Required - Journalize the closing entries on January 31.
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