Closing Entries
Not what you're looking for?
Company's accounting records carried the following accounts.(amounts in millions)
inventory $5,489
interest earned $ 37
accounts payable $ 1,993
cost of goods sold $27,023
other expenses $ 1, 597
owner withdrawals $ 255
selling expenses $ 6,832
sales revenue $ 38,434
interest expense $ 28
receivables $ 587
general admin.
expense $ 671
i) What I need to understand is how to Journalize all of the company's closing entries at January 31st, 2001. Using an owner capital account.
ii) Also need assistance in setting up T-ACCOUNTS for the Income Summary account and the Owner CAPITAL account.
post to these accounts and take their ending balances. One year earlier, at January 31st 2000, The Owner Capital balance was $8,740 million
Any assistance would be appreciated.
Purchase this Solution
Solution Summary
The solution explains how to journalize closing entries and posting to T-accounts.
Solution Preview
i) What I need to understand is how to Journalize all of the company's closing entries at January 31st, 2001. Using an owner capital account.
In closing entries, we close the temporary accounts. The temporary accounts are the income statement accounts. These accounts are closed to income summary and then the income summary is closed to the owner capital account. The journal entries ...
Purchase this Solution
Free BrainMass Quizzes
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Paradigms and Frameworks of Management Research
This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.
Organizational Leadership Quiz
This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.