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The following list includes selected permanent accounts and all of the temporary account

Price: $2.99


The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2011, unadjusted trial balance of Deacon Co., a business owned by Julie Deacon. Use these account balances along with the additional information to journalize (a) adjusting entries and (b) closing entries. Deacon Co. uses a perpetual inventory system.

Debit Credit
Merchandise inventory . . . . . . . . . . . . . $ 28,000
Prepaid selling expenses . . . . . . . . . . . . 5,000
J. Deacon, Withdrawals . . . . . . . . . . . . . 2,200
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . $429,000
Sales returns and allowances . . . . . . . . 16,500
Sales discounts . . . . . . . . . . . . . . . . . . . 4,000
Cost of goods sold . . . . . . . . . . . . . . . . 211,000
Sales salaries expense . . . . . . . . . . . . . . 47,000
Utilities expense . . . . . . . . . . . . . . . . . . 14,000
Selling expenses . . . . . . . . . . . . . . . . . . 35,000
Administrative expenses . . . . . . . . . . . . 95,000

and so on ...

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