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  • Closing Entries 12 1

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    Prince Pierre
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    This document outlines a periodic inventory system for a business over April. It lists beginning balances, purchases and sales transactions throughout the month along with corresponding debits and credits. At the end of the month, closing entries are made to record purchases, discounts, returns and allowances, freight charges, sales and returns for the period. Income is calculated by taking total sales less returns. Ending inventory and expense accounts are also calculated.

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    CLOSING-ENTRIES-12-1.xlsx

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    This document outlines a periodic inventory system for a business over April. It lists beginning balances, purchases and sales transactions throughout the month along with corresponding debits and credits. At the end of the month, closing entries are made to record purchases, discounts, returns and allowances, freight charges, sales and returns for the period. Income is calculated by taking total sales less returns. Ending inventory and expense accounts are also calculated.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    10 views2 pages

    Closing Entries 12 1

    Uploaded by

    Prince Pierre
    This document outlines a periodic inventory system for a business over April. It lists beginning balances, purchases and sales transactions throughout the month along with corresponding debits and credits. At the end of the month, closing entries are made to record purchases, discounts, returns and allowances, freight charges, sales and returns for the period. Income is calculated by taking total sales less returns. Ending inventory and expense accounts are also calculated.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 2

    PERIODIC INVENTORY SYSTEM

    Beginning Balances
    Cash 2,500.00
    Merchandise Inventory 1,700.00
    Angie Wilbert, Cap 4,200.00

    4-Apr Purchases 740.00


    AP 740.00

    6-Apr Freight in 60.00


    Cash 60.00

    8-Apr AR 900.00
    Sales 900.00

    Apil 10 AP 40.00
    Purchase return & allowances 40.00

    11-Apr Purchases 300.00


    Cash 300.00

    13-Apr AP 700.00
    Purchase discount 21.00
    Cash 679.00

    14-Apr Purchases 600.00


    AP 600.00

    15-Apr Cash 50.00


    Purchase return & allowances 50.00

    17-Apr Freight in 30.00


    Cash 30.00

    18-Apr AR 1,000.00
    Sales 1,000.00

    20-Apr Cash 500.00


    AR 500.00

    21-Apr AP 600.00
    Purchase discount 12.00
    Cash 588.00
    27-Apr Sales returns & allowaces 30.00
    AR 30.00

    30-Apr Cash 500.00


    AR 500.00

    CLOSING ENTRIES: To close


    Purchases 1,640.00 cerdit
    Purchase discounts 33.00 debit
    Purchase returns & allowances 90.00 debit
    Freight in 90.00 credit
    Sales 1,900.00 debit
    Sales returns and allowances 30.00 credit

    Sales 1,900.00
    Sales returns & allowances 30.00
    Income & Expense Summary 1,870.00

    Income & Expense Summary 1,011.00


    Merchandise Inventory -Ending 2,296.00
    Purchase returns and allowances 90.00
    Purchase discounts 33.00
    Freight in 90.00
    Purchases 1,640.00
    Merchandise Inventory- Beginning 1,700.00

    Income & Expense Summary 859.00


    Angie Wilbert, Cap 859.00

    Angie Wilbert, Cap xx


    Angie Wilbert, Drawing xx

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