Missing information:
Debit Credit
Merchandise inventory $35,000
Prepaid selling expenses $6,600
Dividends $43,000
Sales $569,000
Sales returns and allowances $19,500
Sales discounts $6,000
Cost of goods sold $232,000
Sales salaries expense $58,000
Utilities expense $20,000
Selling expenses $41,000
Administrative expenses $115,000
Answer:
Adjusting entries
Dr Salaries expense 1,700
Cr Salaries payable 1,700
Dr Selling expenses 2,800
Cr Prepaid selling expenses 2,800
Dr Cost of goods sold 600
Cr merchandise inventory 600
Dividends $43,000
Sales $569,000
Sales returns and allowances $19,500
Sales discounts $6,000
Cost of goods sold $232,600
Sales salaries expense $59,700
Utilities expense $20,000
Selling expenses $43,800
Administrative expenses $115,000
net income = $72,400
Closing entries:
Dr Sales 543,500
Cr Income summary 543,500
Dr Income summary 471,100
Cr Cost of goods sold 232,600
Cr Sales salaries expense 59,700
Cr Utilities expense 20,000
Cr Selling expenses 43,800
Cr Administrative expenses 115,000
Dr Income summary 72,400
Cr Retained earnings 72,400
Dr Retained earnings 43,000
Cr Dividends 43,000
