Cost of goods sold $223,110 Salaries and wages expense $55,720 Delivery expense 6,320 Sales discounts 7,320...

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.

Expert Solution

	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))

ekkarill92 answered 8 months ago

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