Homework Answers
Answer: b. Dr. Sales $38,200 and Cr. Income Summary $38,200
Explanation:
Closing entry for temporary credit balance:
| Account title and explanation | Debit | Credit |
| Sales revenue | $38,200 | |
| Income summary | $38,200 | |
| [To close revenue accounts] |
Thus, Option b is correct and remaining options are incorrect.
Requirement a:
| Sales | $38,200 |
| Sales returns and allowances | ($1,830) |
| Net sales | $36,370 |
Requirement b:
| Merchandise inventory, Beginning | $6,600 | |
| Purchases | $17,040 | |
| Purchase discounts | ($37) | |
| Purchase returns and allowances | ($110) | |
| Net purchases | $16,893 | |
| Transportation-in | $470 | |
| Cost of goods available for sale | $23,963 | |
| Merchandise inventory, Ending | ($2,550) | |
| Cost of goods sold | $21,413 |
Requirement c:
| Income Statement | ||
| For the month ended April 30,2020 | ||
| Net sales | $36,370 | |
| Cost of goods sold | ($21,413) | |
| Gross profit | $14,957 | |
| Operating expenses: | ||
| Depreciation expense, delivery trucks | $730 | |
| Telephone expense, office | $150 | |
| Telephone expense, store | $430 | |
| Wages expense, office | $5,800 | |
| Wages expense, selling | $8,900 | |
| Total operating expenses | $16,010 | |
| Operating income (loss) | ($1,053) | |
| Non-operating income (Expense): | ||
| Income expense | ($130) | |
| Net income (loss) | ($1,183) | |
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