9. Hart RV Center, Inc.%u2019s, accounting records include the following account

Question

9. Hart RV Center, Inc.%u2019s, accounting records include the following accounts at December 31,

2010:

cost of goods sold $387,000                  accumulated depreciation   $38,000

accounts payable 19,000                       cash                                    44,000   

rent expense 22,000                              sales revenue                     699,000  

building 114,000                                    depreciation expense          14,000

retained earnings 63,000                      dividends                             63,000

inventory 256,000                                 sales discounts                   8,000

common stock 140,000

Requirement

R1. Journalize the required closing entries for Hart RV Center for December 31, 2010

Explanation / Answer

retained earnings A/c Dr 63000 To Dividend a/c 63000 rent expense a/c dr 22000 to revenues a/c 22000 depreciation a/c dr 14000 to revenue a/c 14000

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