Following is the year-end adjusted trial balance for MGM, Inc. for the December 31, 2020. MGM, Inc. Adjusted Trial Balance December 31, 2020 Cash Php47,500 Accounts Receivable 46,000 Merchandise Inventory 50,000 Office Supplies 800 Accounts Payable Php16,000 Salaries Payable 850 Common Stock 89,000 Retained Earnings 11,630 Sales 500,000 Sales Returns and Allowances 4,500 Sales Discounts 4,250 Cost of Goods Sold 382,450 Sales Salaries Expense 44,000 Advertising Expense 8,150 Office Salaries Expense 24,325 Office Supplies Expense 450 Interest Expense 5,055 Totals Php617,480 Php617,480 Required: Prepare the closing entries at December 31, 2020.

Following is the year-end adjusted trial balance for MGM, Inc. for the December 31, 2020. MGM, Inc. Adjusted Trial Balance December 31, 2020 Cash Php47,500 Accounts Receivable 46,000 Merchandise Inventory 50,000 Office Supplies 800 Accounts Payable Php16,000 Salaries Payable 850 Common Stock 89,000 Retained Earnings 11,630 Sales 500,000 Sales Returns and Allowances 4,500 Sales Discounts 4,250 Cost of Goods Sold 382,450 Sales Salaries Expense 44,000 Advertising Expense 8,150 Office Salaries Expense 24,325 Office Supplies Expense 450 Interest Expense 5,055 Totals Php617,480 Php617,480 Required: Prepare the closing entries at December 31, 2020.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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