The selling and general expenses entry given below. Assume that prepaid expenses didn’t change during the year. The amounts for depreciation expense and the increases in accounts payable and accrued expenses payable are the same as in the summary journal entry. Selling and general expenses are $8,700,000, the same as in the example. Prepare the summary journal entry for selling and general expenses.
|
Selling and General Expenses |
$8,700,000.00 |
|
Prepaid Expenses |
$300,000 |
|
Cash |
$6,900,000.00 |
|
Accounts Payable |
$850,000 |
|
Accrued Expenses Payable |
$725,000 |
|
Accumulated Depreciation |
$525,000 |