Dindorf Company
Adjusting entries are:
(1) Cost Of Goods Sold Dr. $302,990
To Merchandise Inventory $302,990
(2) Depreciation Expense Dr. $12,750
To Accumulated Depreciation $12,750
(3) Supplies Expense Dr. $10,265
To Supplies Inventory $10,265
(4) Insurance Expense Dr. $4,660
To Prepaid Insurance $4,660
(5) Interest Expense Dr. $3,730
To Accrued Interest $3,730
(6) Sales Salaries Dr. $3,575
To Accrued Sales Salaries $3,575
(7) Interest Receivable Dr $390
To Interest Income $390
Closing entries are:
(a) Profit and Loss Dr. $24,900
To Selling Expense $24,900
(b) Profit and Loss Dr $109,325
To Sales Salaries $109,325
(c) Profit and Loss Dr $31,000
To Miscellaneous General Expenses $31,000
(d) Profit and Loss Dr $6,220
To Sales Discounts $6,220
(e) Profit and Loss Dr $13,030
To Interest Expense $13,030
(f) Profit and Loss Dr $9,600
To Social Security Taxes $9,600
(g) Sales Dr. $716,935
To Profit and Loss $716,935
(h) Profit and Loss Dr $302,990
To Cost of Goods Sold $302,990
(i) Profit and Loss Dr $12,750
To Depreciation Expense $12,750
(j) Profit and Loss Dr $10,265
To Supplies Expense $10,265
(k) Profit and Loss Dr $4,660
To Insurance Expense $4,660
(l) Interest Income $390
To Profit and Loss $390
(m) Profit and Loss Dr $192,585
To Retained Earnings $192,585
Cash and Equivalents Accounts Receivable
$119,115 $162.500
$119,115 $162,500
Store Equipment Merchandise Inventory
$215,000 $700,680...
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