Chapter 2 Review of the Accounting Process Exercises 2–12 - Edubirdie

University:
Concordia University Wisconsin
Course:
ACCT 3100 | Intermediate Accounting I
Academic year:

2021
Views:

122

Pages:

1
Author:

5prinzg1s

Exercise 2–12 December 31, 2013 Sales revenue .................................................................. 750,000 Interest revenue............................................................... 3,000 Income summary ........................................................ 753,000 Income summary ............................................................ 576,000 Cost of goods sold ...................................................... 420,000 Salaries expense .......................................................... 100,000 Rent expense ............................................................... 15,000 Depreciation expense.................................................. 30,000 Interest expense .......................................................... 5,000 Insurance expense ....................................................... 6,000 Income summary ($753,000 – 576,000) .............................. 177,000 Retained earnings ...................................................... 177,000 2– Solutions Manual, Vol.1, Chapter 2 25

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