| 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 |
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