Ex. 196
The following information is available for Potts Company:
Debit Credit
Retained Earnings$ 50,000
Dividends$ 32,000
Sales510,000
Sales Returns and Allowances20,000
Sales Discounts7,000
Cost of Goods Sold347,000
Freight-out2,000
Advertising Expense15,000
Interest Expense19,000
Store Salaries Expense45,000
Utilities Expense18,000
Depreciation Expense7,000
Interest Revenue25,000
Instructions
Using the above information, prepare the closing entries for Potts Company.
Ex. 197
The adjusted trial balance of Werly Book Company appears below.
WERLY BOOK COMPANY
Adjusted Trial Balance
December 31, 2011
Debit Credit
Cash32,000
Accounts Receivable25,000
Merchandise Inventory35,000
Building150,000
Accumulated Depreciation—
Building20,000
Accounts Payable12,000
Common Stock100,000
Retained Earnings49,000
Dividends30,000
Sales325,000
Sales Discounts6,000
Sales Returns & Allowances8,000
Cost of Goods Sold183,000
Operating Expenses 37,000
506,000506,000
Instructions
Using the information given, prepare the year-end closing entries.