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  • United Rug Company Is A Small Rug Retailer Owned and

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    Amit Pandey
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    United Rug Company is a small rug retailer owned by Pat Kirwan. The document provides selected account balances from the company's ledger as of December 31, including accounts for advertising expense, depreciation expense, freight in, merchandise inventory, miscellaneous expense, purchases, purchase discounts, purchase returns and allowances, Pat Kirwan's drawings, salaries expense, sales, and estimated merchandise returns from December sales. The document requests journalizing the closing entries for December 31.

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    United Rug Company is a small rug retailer owned by Pat Kirwan. The document provides selected account balances from the company's ledger as of December 31, including accounts for advertising expense, depreciation expense, freight in, merchandise inventory, miscellaneous expense, purchases, purchase discounts, purchase returns and allowances, Pat Kirwan's drawings, salaries expense, sales, and estimated merchandise returns from December sales. The document requests journalizing the closing entries for December 31.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    45 views1 page

    United Rug Company Is A Small Rug Retailer Owned and

    Uploaded by

    Amit Pandey
    United Rug Company is a small rug retailer owned by Pat Kirwan. The document provides selected account balances from the company's ledger as of December 31, including accounts for advertising expense, depreciation expense, freight in, merchandise inventory, miscellaneous expense, purchases, purchase discounts, purchase returns and allowances, Pat Kirwan's drawings, salaries expense, sales, and estimated merchandise returns from December sales. The document requests journalizing the closing entries for December 31.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    United Rug Company is a small rug retailer owned and

    United Rug Company is a small rug retailer owned and

    United Rug Company is a small rug retailer owned and operated by Pat Kirwan. After the
    accounts have been adjusted on December 31, the following selected account balances were
    taken from the ledger:

    Advertising Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 36,000

    Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13,000

    Freight In . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17,000

    Merchandise Inventory, January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .375,000

    Merchandise Inventory, December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .460,000

    Miscellaneous Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000

    Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,760,000

    Purchases Discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35,000

    Purchases Returns and Allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000

    Pat Kirwan, Drawing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,000

    Salaries Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375,000

    Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,220,000

    The estimated cost of merchandise returns from December sales is $20,000.

    Journalize the closing entries on December 31.

    United Rug Company is a small rug retailer owned and


    SOLUTION-- http://solutiondone.online/downloads/united-rug-company-is-a-small-rug-retailer-
    owned-and/

    Unlock answers here solutiondone.online


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