Brief Exercise 5-15 Your answer is partially correct. Try again. A. Hall Company has the...
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Accounting
Brief Exercise 5-15 Your answer is partially correct. Try again. A. Hall Company has the following merchandise account balances: Sales Revenue $203,190, Sales Discounts $3,390, Purchases $155,810, and Purchases Returns and Allowances $48,550. In addition, it has a beginning inventory of $30,020 and an ending inventory of $56,020 Prepare the entries to record the closing of these items to Income Summary using the periodic inventory system. (Credit account titles are automatically indented whe amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Income Summary 203190 Sales Revenue 203190 Inventory 30020 Cash 300020 (To close accounts having credit balance) Purchases 155810 Purchase Returns and 48550 Accounts Payable 56020 Inventory 56020 (To close accounts having debit balance)
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