E13 Selected account balances of the Lakeside Grocery Store for the year ended December 31, 20xx, follow. Beginning merchandise inventory was $ 26,000, and ending merchandise inventory is $ 22,000. Prepare closing entries, assuming that the owner of Lakeside Grocery, John Grover, withdrew $ 34, 000 for personal expenses during the year.
Account Name Debit Credit
Sales $ 297,000
Sales Returns & Allowances $ 11,000
Sales Discounts 4,200
Purchases 114,800
Purchases returns and allowances 1,800
Purchases Discounts 2,200
Freight in 5,600
Selling Expenses 48,500
General & Administrative Expenses 37,200
0 answers