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  1. #1
    Josh's Avatar
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    Bleeker Company has the following merchandise account balances: Sales $195,216,...

    ...Sales Discounts $2,296, Cost o? Bleeker Company has the following merchandise account balances: Sales $195,216, Sales Discounts $2,296, Cost of Goods Sold $106,718, and Merchandise Inventory $43,237. Prepare the entries to record the closing of these items to Income Summary. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

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    Sales $195,216,

    Dr Sales 195,216
    Cr Income Summary 195,216

    Sales Discounts $2,296,

    Dr Income Summary 2,296
    Cr Sales Discounts 2,296

    Cost of Goods Sold $106,718,

    Dr Income Summary 106,718
    Cr Cost of Goods Sold 106,718

    Merchandise Inventory $43,237.

    Merchandise Inventory is an asset account. As an asset account, it is permanent and not closed out at the end of the accounting period.

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    Sales $195,216,

    Dr Sales 195,216
    Cr Income Summary 195,216

    Sales Discounts $2,296,

    Dr Income Summary 2,296
    Cr Sales Discounts 2,296

    Cost of Goods Sold $106,718,

    Dr Income Summary 106,718
    Cr Cost of Goods Sold 106,718

    Merchandise Inventory $43,237.

    Merchandise Inventory is an asset account. As an asset account, it is permanent and not closed out at the end of the accounting period.

 

 

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