Store Income Statement section on the December 31st Worksheet had Sarah’s Music recorded the following credit balances: Sales Books $90,000 – Sales Music 40,000 – Purchases Discount - Books 8.500 Purchases Returns and 1,500 Allowances - Books Purchases Discount Music 2,500 – Purchases Returns and 1,000 Allowances - Music Using Figure 3.03-B, what is the correct journal entry to record the closing entry for Income Statement Accounts with credit balances? Debit Income Summary General $143,500 and credit Sales Books $90,000, – – Sales Music $40,000, Purchases Discount Books $8,500, Purchases Returns – – and Allowances Books $1,500, Purchases Discount Music $2,500 and – – Purchases Returns and Allowances Music $1,000 – Debit Sales Books $90,000, Sales Music $40,000, Purchases Discount – – – Books $8,500, Purchases Returns and Allowances Books $1,500, Purchases – Discount Music $2,500 and Purchases Returns and Allowances Music – – $1,000 and credit Income Summary General $143,500 – Debit Income Summary $130,000 and credit Sales $130,000 Debit Sales $130,000 and credit Income Summary $130,000 Answer: 3.03 Prototype Assessment Items Page 5 – Figure 3.03-C Music Store Income Statement accounts on the December 31st Worksheet had Sarah’s recorded the following debit balances: Income Summary Books $6,000 –
Sarah’s Music Store Income Statement section on the December 31st Worksheet had recorded the following credit balances: Sales – Books $90,000 Sales – Music 40,000 Purchases Discount - Books 8.500 Purchases Returns and Allowances - Books 1,500 Purchases Discount – Music 2,500 Purchases Returns and Allowances - Music 1,000 Using Figure 3.03-B, what is the correct journal entry to record the closing entry for Income Statement Accounts with credit balances? Debit Income Summary – General $143,500 and credit Sales – Books $90,000, Sales – Music $40,000, Purchases Discount – Books $8,500, Purchases Returns and Allowances – Books $1,500, Purchases Discount – Music $2,500 and Purchases Returns and Allowances – Music $1,000 Debit Sales – Books $90,000, Sales – Music $40,000, Purchases Discount – Books $8,500, Purchases Returns and Allowances – Books $1,500, Purchases Discount – Music $2,500 and Purchases Returns and Allowances – Music $1,000 and credit Income Summary – General $143,500 Debit Income Summary $130,000 and credit Sales $130,000 Debit Sales $130,000 and credit Income Summary $130,000 Answer: 3.03 Prototype Assessment Items – Page 5 Figure 3.03-C Sarah’s Music Store Income Statement accounts on the December 31st Worksheet had recorded the following debit balances: Income Summary – Books $6,000
3.03%20Prototype%20Assessment%20Items.docx