From the adjusted trial balance for Fabricated Products Company, Inc.
Question # 00314556
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Updated on: 06/11/2016 12:36 AM Due on: 07/11/2016
From the adjusted trial balance for Fabricated Products Company, Inc. given below, prepare the necessary closing entries.
| Fabricated Products Company, Inc. Adjusted Trial Balance December 31 | ||
| Debit | Credit | |
| Cash | $19,400 | |
| Accounts receivable | 25,000 | |
| Merchandise inventory | 26,000 | |
| Office supplies | 1,900 | |
| Store equipment | 84,000 | |
| Accumulated depreciation—store equipment | $22,000 | |
| Office equipment | 40,000 | |
| Accumulated depreciation—office equipment | 15,000 | |
| Accounts payable | 12,000 | |
| Notes payable | 40,000 | |
| Common stock | 1,000 | |
| Retained earnings | 109,700 | |
| Dividends | 28,000 | |
| Sales | 245,000 | |
| Sales discounts | 6,000 | |
| Sales returns and allowances | 16,500 | |
| Cost of goods sold | 145,000 | |
| Sales salaries expense | 32,500 | |
| Depreciation expense—store equipment | 11,000 | |
| Depreciation expense—office equipment | 7,500 | |
| Office supplies expense | 1,300 | |
| Interest expense | 600 | |
| Totals | $444,700 | $444,700 |
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Rating:
/5
Solution: From the adjusted trial balance for Fabricated Products Company, Inc.