In: Accounting
Cost of goods sold $223,110 Salaries and wages expense $55,720 Delivery expense 6,320 Sales discounts 7,320 Insurance expense 12,760 Sales returns and allowances 11,820 Rent expense 18,640 Sales revenue 366,400 Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.
Journal entries | |||
No. | ACCOUNT TITLES AND EXPLANATIONS | DEBIT ($) | CREDIT ($) |
1 | Sales Revenue | 366,400.00 | |
Income Summary | 366,400.00 | ||
(To close accounts with credit balances) | |||
2 | Income Summary | 335,690.00 | |
Salaries and wages expense | 55,720.00 | ||
Delivery expense | 6,320.00 | ||
Sales Discounts | 7,320.00 | ||
Insurance expense | 12,760.00 | ||
Sales returns and allowances | 11,820.00 | ||
Rent expense | 18,640.00 | ||
Cost of goods sold | 223,110.00 | ||
(To close accounts with debit balances) | |||
3 | Income Summary | 30,710.00 | |
Retained Earnings | 30,710.00 | ||
(To close net income / (loss)) | |||