I am new to accounting and not sure how to close the following entries. I know t

Question

I am new to accounting and not sure how to close the following entries. I know they close to income summary but not sure where to put them all,

Common Stock

Paid in capital in excess of par

income summary

retained earnings

sales

sales returns and allowances

sales discounts taken

COGS

purchases

purchases return and allowances

purchases discounts taken

freight in

gain/loss on sale of fixed assets

gain loss on sale of marketable securities

interest/dividend income

Miscellaneous revenue

THANKS IN ADVANCE

Explanation / Answer

Particulars Statement /A/c Where/What Common Stock Balance sheet - Liability Side Capital Paid in capital in excess of par Balance sheet - Liability Side Security Premium income summary Balance sheet - Liability Side (If credit Balance) retained earnings Balance sheet - Liability Side Reserves sales Trading A/c Credit Side sales returns and allowances Trading A/c Deduct From Sales sales discounts taken Trading A/c Debit Side COGS - - purchases Trading A/c Debit Side purchases return and allowances Trading A/c Deduct from purchases purchases discounts taken Trading A/c Credit Side freight in Trading A/c Debit Side gain/loss on sale of fixed assets Profit & Loss A/c Credit/Debit Side gain loss on sale of marketable securities Profit & Loss A/c Credit/Debit Side interest/dividend income Profit & Loss A/c Credit/Debit Side Miscellaneous revenue Profit & Loss A/c Credit/Debit Side

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