PROBLEM 1. Below are selected account balances from the December 31, 2020 trial balance of the Austin Company. Inventory at December 31, 2020 is $1,500. Debit $2,500 Credit Inventory, January 1, 2020...

PROBLEM<br>1. Below are selected account balances from the December 31, 2020 trial balance of the Austin<br>Company. Inventory at December 31, 2020 is $1,500.<br>Debit<br>$2,500<br>Credit<br>Inventory, January 1, 2020<br>Purchases<br>Selling expenses<br>General and administrative expenses<br>5,000<br>500<br>750<br>Sales<br>$10,000<br>1,100<br>Income tax expense<br>Dividends distributed<br>500<br>Required:<br>Using a general journal format, prepare appropriate closing entries.<br>

Extracted text: PROBLEM 1. Below are selected account balances from the December 31, 2020 trial balance of the Austin Company. Inventory at December 31, 2020 is $1,500. Debit $2,500 Credit Inventory, January 1, 2020 Purchases Selling expenses General and administrative expenses 5,000 500 750 Sales $10,000 1,100 Income tax expense Dividends distributed 500 Required: Using a general journal format, prepare appropriate closing entries.

Jun 09, 2022

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PROBLEM 1. Below are selected account balances from the December 31, 2020 trial balance of the Austin Company. Inventory at December 31, 2020 is $1,500. Debit $2,500 Credit Inventory, January 1, 2020...

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