| LG 23-1, continued | ||
| c. Closing entries | ||
| Date | Account | Post. Ref. | Dr. | Cr. |
|
|
||||
|
Closing Entries |
||||
|
Dec.
31 |
Sales Revenue |
294,000 |
| |
| Interest Revenue |
300 |
| ||
|
Income
Summary |
|
294,300 | ||
|
|
| |||
|
31 |
Income Summary |
223,740 |
| |
| Cost of Goods Sold |
|
112,870 | ||
| Sales Returns and Allowances |
|
2,550 | ||
| Sales Discounts |
|
3,900 | ||
| Salaries and Wages Expense |
|
55,500 | ||
| Advertising Expense |
|
3,500 | ||
| Freight-out |
|
370 | ||
| Rent Expense |
|
26,000 | ||
| Depreciation Expense |
|
7,500 | ||
| Insurance Expense |
|
5,000 | ||
| Utilities Expense |
|
4,850 | ||
| Interest Expense |
|
1,700 | ||
|
|
| |||
|
30 |
Income Summary |
70,560 |
| |
| Xxx, Capital |
|
70,560 | ||
|
|
|
| Comment: There are no withdrawals to record in this problem. | ||
 | ||
Learning
Goal 23, continued
SOLUTIONS
|
Learning
Goal 23: Complete the Period-End Procedures—Perpetual Method |
S3 |
Home
Home || Book Publications || Professor’s Office || Student Info & Resources || Useful Links
Contact Us || Site Map || Terms of Use || Privacy Notice
Worthy & James Publishing is a provider of basic accounting books covering fundamental accounting principles, business accounting, and business math. Topics in financial accounting and business accounting covered include the balance sheet, the income statement, financial ratios, and bank reconciliation.
©2006-2007 Worthy & James Publishing. All rights reserved. Web Development and Design by Dayspring Technologies, Inc.