The following is a list of accounts and amounts reported for Rollcom, Inc., for

Question

The following is a list of accounts and amounts reported for Rollcom, Inc., for the fiscal year ended September 30, 2018. The accounts have normal debit or credit balances. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Income Tax Expense Notes Payable (long-term) Office Expenses Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Supplies 39,000 66,400 21,400 80,200 94,700 90,600 10,490 1,490 6,290 164,100 99,790 128,600 325,400 35,100

Explanation / Answer

Solution:

Journal Entries - Rollcom Inc. Date Particulars Debit Credit 30-Sep-18 Sales Revenue Dr $325,400.00         To Income Summary $325,400.00 (To close revenue account) 30-Sep-18 Income summary Dr $309,480.00         To Income tax expense $10,490.00         To Office expenses $6,290.00         To Rent expense $164,100.00         To Salaries and wages expense $128,600.00 (To close expenses accounts) 30-Sep-18 Income summary Dr $15,920.00         To Retained earnings $15,920.00 (To close net income to retained earnings)

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