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1. (Adjusting Entries) Selected accounts of Conan Company are shown below.
Supplies
Accounts Receivable
Beg. Bal.
1,200
8/31
712
8/17
12,100
3,600
Salaries and Wages Expense
Salaries and Wages Payable
8/15
2,600
2,100
Unearned Service Revenue
Supplies Expense
2,000
8/20
3,200
Service Revenue
Instructions
From an analysis of the T-accounts, reconstruct (a) the August transaction entries, and (b) the adjusting journal entries that were made on August 31, 2014. Prepare explanations for each journal entry.
2. (Closing Entries for a Corporation) Presented below are selected account balances for Kirby Co. as of December 31, 2014.
Merchandise Inventory 12/31/14
$24,000
Sales
$164,000
Common Stock
30,000
Cost of Goods Sold
90,280
Retained Earnings
18,000
Selling Expenses
6,400
Dividends
7,200
Administrative Expenses
15,200
Sales Returns and Allowances
4,800
Income Tax Expense
12,000
Sales Discounts
6,000
Prepare closing entries for Kirby Co. on December 31, 2014.
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