Thanks Jasmine Catalano Following is the year-end adjusted trial balance for Fre

Question

Thanks Jasmine Catalano

Following is the year-end adjusted trial balance for Fred's Corner Grocery for th current year Fred's Comer Grocery Adjusted Trial Balance December 31 Di. $67500 46.000 60.000 800 CL. Cash. Store supplies. Accounts payable... 16.000 850 20.000 105.630 Retained earnings... Dividends. Sales Sales returns & allowauces.. 45.000 550.000 4 500 4250 382 450 44.000 8.150 24.325 450 5055 Cost of goods sold Advertising expense... Store salaries expense. Store supplies expense... Interest expense. Totals. 5692 480 592 480 Prepare the closing entries at December 31 for the current year

Explanation / Answer

Closing entry :

Date accounts & explanation debit credit Sales 550000     Income summary 550000 (To close revenue account) Income summary 473180     Sales return and allowance 4500     Sales discount 4250     Cost of goods sold 382450     Sales salaries expense 44000     Advertising expense 8150     Store salaries expense 24325     Store supplies expense 450      Interest expense 5055 (To close expense account) Income summary 76820     Retained earnings 76820 (To close income summary) Retained earnings 45000     Dividend 45000 (To close dividend account)

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.