3. On the basis of the following data taken from the AdjustedTrial Balance columns of the work sheet for the year ended March 31for Boles Athletic Company, journalize the four closingentries.
Cash | $ 30,000 | |
Accounts Receivable | 45,200 | |
Supplies | 5,000 | |
Equipment | 169,900 | |
Accumulated Depreciation | | $ 32,000 |
Accounts Payable | | 12,500 |
Capital Stock | | 71,600 |
Dividends | 47,000 | |
Fees Earned | | 510,000 |
Salary Expense | 244,500 | |
Rent Expense | 48,000 | |
Depreciation Expense | 25,000 | |
Supplies Expense | 9,500 | |
Miscellaneous Expense | 2,000 | |
| $626,100 | $626,100 |
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4. Merchandise with a list price of $7,500 is purchased onaccount, terms FOB shipping point, 1/10, n/30. The
seller prepaid transportation costs of $300. Priorto payment, $2,000 of the merchandise is returned. The
correct amount is paid within the discountperiod.
Record the foregoing transactions of the buyer in the sequenceindicated below.
(a) | Purchased the merchandise. |
(b) | Recorded receipt of the credit memorandum for merchandisereturned. |
(c) | Paid the amount owed. |
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