Using the following trial balance, record closing entries for (1) a periodic inventory system and (2) a perpetual inventory system (ending inventory…
Using the following trial balance, record closing entries for (1) a periodic inventory system and (2) a perpetual inventory system (ending inventory is $30,000). Cash 26,000 Accounts receivable 88,000 Supplies 9,000 Inventory 40,000 Equipment 250,000 Accumulated depreciation $ 100,000 Accounts payable 12,000 Salaries payable 14,000 Rent payable 5,000 Utilities payable 2,000 Unearned sales revenue 17,000 Common stock 120,000 Retained earnings 106,000 Dividends 11,000 Sales 449,000 […]
