In: Accounting
On December 31, 2019, the Income Statement section of the
worksheet is shown below. The balance of Ally Logan’s drawing
account is $32,000.
INCOME STATEMENT COLUMNS | ||||||
ACCOUNT NAME | DEBIT | CREDIT | ||||
Income Summary | $ | 63,000 | $ | 69,000 | ||
Sales | 250,000 | |||||
Sales Returns and Allowances | 6,100 | |||||
Interest Income | 760 | |||||
Purchases | 87,000 | |||||
Freight In | 3,900 | |||||
Purchases Returns and Allowances | 2,900 | |||||
Purchases Discounts | 3,500 | |||||
Sales Salaries Expense | 53,000 | |||||
Office Salaries Expense | 20,100 | |||||
Office Supplies Expense | 860 | |||||
Utilities Expense | 5,100 | |||||
Payroll Taxes Expense | 2,700 | |||||
Uncollectible Accounts Expense | 2,800 | |||||
Depr. Expense - Office Equipment | 900 | |||||
Totals | 245,460 | 326,160 | ||||
Net Income | 80,700 | |||||
$ | 326,160 | $ | 326,160 | |||
Prepare the closing entries that should be made in the general
journal.
Journal entry worksheet
Record entry to transfer sales, interest, purchases return and
allowances and purchase discounts to income summary.
Note: Enter debits before credits.
Date General Journal Debit
Credit
Dec 31, 2019