Beamer Company’s unadjusted ledger on July 31, the end of the fiscal year, includes the following…

Beamer Company’s unadjusted ledger on July 31, the end of the fiscal year, includes the following accounts, which have normal balances (assume a perpetual inventory system): Merchandise inventory ……………………………………………….. $ 34,800 Joy Beamer, capital …………………………………………………… 115,300 Joy Beamer, withdrawals ………………………………………………… 4,000 Sales …………………………………………………………………… 157,200 Sales discounts …………………………………………………………… 1,700 Sales returns and allowances ……………………………………………. 3,500 Cost of goods sold ……………………………………………………. 102,000 Depreciation expense ……………………………………………………. 7,300 Salaries expense ………………………………………………………… 29,500 Miscellaneous expenses …………………………………………………. 2,000 A physical count of the inventory discloses that the cost of the merchandise on hand is $32,900. Prepare the entry to record this information and calculate gross profit. View Solution:
Beamer Company s unadjusted ledger on July 31 the end of