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Closing Entries Exercises

The document contains the closing journal entries for FileAsia Distributors and Doll Distributors for April 30, 2016. For FileAsia, sales were $45,300 and expenses totaled $44,096, with the remainder of $2,296 going to the capital account of owner J. Lopez. For Doll Distributors, sales were also $45,300 while expenses totaled $31,388, with the difference of $4,608 going to the capital account of owner J. Lopez. Both companies recorded drawings of $2,008 from the capital account by owner J. Lopez.

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Rodolfo Corpuz
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131 views2 pages

Closing Entries Exercises

The document contains the closing journal entries for FileAsia Distributors and Doll Distributors for April 30, 2016. For FileAsia, sales were $45,300 and expenses totaled $44,096, with the remainder of $2,296 going to the capital account of owner J. Lopez. For Doll Distributors, sales were also $45,300 while expenses totaled $31,388, with the difference of $4,608 going to the capital account of owner J. Lopez. Both companies recorded drawings of $2,008 from the capital account by owner J. Lopez.

Uploaded by

Rodolfo Corpuz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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FileAsia DISTRIBUTORS

CLOSING JOURNAL ENTRIES


April 30, 2016

Date Particulars Acct Code DBIT CREDIT


April 30 Sales 45,300.00
Income & Expense Summary 44,096.00
Sales Return and Allowances 900.00
Sales Discount 304.00

Income and Expense Summary 41,800.00


Cost of Goods Sold 33,700.00
Advertising 1,000.00
Freight Out 200.00
Rent 3,500.00
Salaries 3,000.00
Utilities 400.00

Income and Expense Summary 2,296.00


J.Lopez Capital 2,296.00

J.Lopez Capital 2,008.00


J. Lopez Drawing 2,008.00

DOLL DISTRIBUTORS
CLOSING JOURNAL ENTRIES
April 30, 2016

Date Particulars Acct Code DBIT CREDIT


April 30 Sales 45,300.00
Income & Expense Summary 44,096.00
Sales Return and Allowances 900.00
Sales Discount 304.00

Merchandise Inventory End 25,000.00


Purchase Return and Allowances 800.00
Purchase Discount 312.00
Income and Expense Summary 31,388.00
Purchases 56,800.00
Freight In 700.00

Income and Expense Summary 8,100.00


Advertising 1,000.00
Freight Out 200.00
Rent 3,500.00
Salaries 3,000.00
Utilities 400.00

Income and Expense Summary 4,608.00


J.Lopez Capital 4,,608.00

J.Lopez Capital 2,008.00


J. Lopez Drawing 2,008.00
117,516,00 117,516.00

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