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i Secure https.//www.mathxl Student/Player Test.aspx'testid-18087 86248centerwn yes Finaneial AccountingI Section 3 Spring Semester 2018 Samuel Michel &1 43/18 1:11 AM Quiz: Quiz 2 Time Reaining: 00 53 59 Submit Quiz This Question: 1 pt 3 of 4 (2 complete) This Quiz: 4 pts possible Data Table Rockwall RV Center's accounting reoords include the following accounts at December 31, 2018 ? Dek the Kon to vew the ac courts and balances ) Requirements 1. Joumalize the nequined closing entries for Rockwall 2. Determine the ending balance in the capital account S 371,000 Accumulated Cost of Goods Sold Accounts Payable Rent Experse 5 46,000 45,000 685,000 13,000 Cash 28000 Sales Revenue 115,000 Depreciation Experee-Buiding 220,000 Rockwal, Withdrawals 259,000 Iterest Reven Requirement 1. Joumalize te roqaed ckasing entries for Rockall (Recond dbits frst, then cnedits Select the expanationBuilding Start by closing the revenue accourts for the penod Do not close experses, we well do ths in the next step Rockwall Captal Merchandise Inventory Notes Recel 53,000 16 000 Date Accounts and Explanation Debit Credit 35,000 Dec 31 Print Done Close expenses for the period Choose from any ist or enter any number in the input felds and then continue to the next questionExplanation / Answer
2)capital balance : 220000+287000-53000 = $ 454000
Date Account Debit credit Dec31 2018 Sales revenue 685000 Interest revenue 16000 Income sumary 701000 [Being revenue closed] Dec 31 2018 Income summary 414000 cost of goods sold 371000 Rent expense 28000 depreciation--building 15000 [to close expense] 31dec 2018 Income summary 287000 Rockwall capital 287000 [to close net income701000-414000] 31 dec 2018 Rockwall capital 53000 Rockwall withdrawls 53000Related Questions
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