The trial balance of Dionne”s Boutique at December 31 shows Merchandise Inventory $21,000, Sales $136,000, Sales Returns and Allowances $4,000, Sales Discounts $3,000, Cost of Goods Sold $92,400, Interest Revenue $5,000, Freight out $1,500, Utilities Expense $7,400, Salaries Expense $18,500. Prepare the closing entries for the Dionne”s accounts.
Smith Company is preparing its multiple step income statement, retained earnings statement, and classified balance sheet. Using the column heads Account, Financial Statement, and Classification, indicate in which financial statement and under what classification each of the following would be reported.
|
Account |
Financial Statement |
Classification |
|
Accounts Payable |
||
|
Accounts Receivable |
||
|
Accumulated Depreciation— |
||
|
Office Building |
||
|
Cash |
||
|
Casualty Loss from Vandalism |
||
|
Cost of Goods Sold |
||
|
Delivery Equipment |
||
|
Depreciation Expense |
||
|
Common Stock |
||
|
Dividends |
||
|
Freight out |
||
|
Insurance Expense |
||
|
Interest Payable |
||
|
Land |
||
|
Merchandise Inventory |
||
|
Notes Payable (due in 5 years) |
||
|
Property Tax Payable |
||
|
Salaries Expense |
||
|
Salaries Payable |
||
|
Sales Returns and Allowances |
||
|
Sales |
||
|
Unearned Rent |
||
|
Utilities Expense |
||
|
Warehouse |