190.From the adjusted trial balance for Fabricated Products Company, Inc.

given below, prepare the necessary closing en

Fabricated Products Company, Inc.

Adjusted Trial Balance
Dec-31
DebitCredit
Cash$19,400
Accounts receivable25,000
Merchandise inventory26,000
Office supplies1,900
Store equipment84,000
Accumulated depreciation—store equipment$22,000 S.No
Office equipment40,000 1
Accumulated depreciation—office equipment15,000
Accounts payable12,000
Notes payable40,000 2
Common stock1,000
Retained earnings109,700
Dividends28,000
Sales245,000
Sales discounts6,000
Sales returns and allowances16,500
Cost of goods sold145,000
Sales salaries expense32,500
Depreciation expense—store equipment11,000
Depreciation expense—office equipment7,500 3
Office supplies expense1,300
Interest expense600
Totals$444,700$444,700 4

Date
Aug-10

191.Johnnycake Restaurant uses a periodic inventory system. Prepare general journal entries to record the following trans
Aug-12
Aug. 10Johnnycake purchased merchandise on credit from Foster Foods for
12Johnnycake returned $600 of merchandise from the June 10 purchase.
19Johnnycake paid Foster for the June 10 purchase. Aug-19
ompany, Inc. given below, prepare the necessary closing entries.

Answer 190
Closing entries
Accounts Title Debit Credit
Sales $ 245,000
Income Summary $ 245,000

Income Summary $ 220,400

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

Income Summary $ 24,600

Retained Earnings $ 24,600

Retained Earnings $ 28,000

Dividends $ 28,000

Answer 191
Accounts Title Debit Credit
Purchases $ 9,000
Accounts Payable $ 9,000
Prepare general journal entries to record the following transactions for Johnnycake:
Accounts Payable $ 600
Purchase returns and allowances $ 600
0 purchase.
Accounts Payable $ 8,400
Cash $ 8,232
Purchase discounts $ 168
(2 % of $ 8,400)