- Presented Below Is Information Related To Ivanhoe Company Owned By D Flamont For The Month Of January 2021 Ending In 1 (222.57 KiB) Viewed 170 times
- Presented Below Is Information Related To Ivanhoe Company Owned By D Flamont For The Month Of January 2021 Ending In 2 (441.52 KiB) Viewed 170 times
- Presented Below Is Information Related To Ivanhoe Company Owned By D Flamont For The Month Of January 2021 Ending In 3 (436.93 KiB) Viewed 170 times
Presented below is information related to Ivanhoe Company, owned by D. Flamont, for the month of January 2021. Ending inventory per perpetual records $21,300 Insurance expense $12,200 Ending inventory actually on hand 18,300 Rent expense 21,200 Cost of goods sold 225,000 Salaries expense 55,500 Freight out 6,200 Sales discounts 8.800 12.800 Sales returns and allowances w Sales 367.000
Date Account Titles and Explanation Debit Credit Jan. 31 Sales 367000 Income Summary V 367000 (To close income statement account with credit balance.) Jan. 31 Income Summary v Cost of Goods Sold > Freight Out v Insurance Expense V Rent Expense Salaries Expense Sales Discounts
Jan. 31 Income Summary > Cost of Goods Sold Freight Out > Insurance Expense Rent Expense Salaries Expense Sales Discounts V Sales Returns and Allowances V (To close income statement accounts with debit balances.) Jan. 31 Income Summary D. Flamont, Capital (To close Income Summary account.)