The amounts below appeared in the Income Statement and Balance Sheet columns of
ID: 341725 • Letter: T
Question
The amounts below appeared in the Income Statement and Balance Sheet columns of a company's December 31 work sheet. In the space provided give without explanation the closing entries on December 31.
Trial Balance
Debit Credit
Assets other than merchandise 7500
Accounts receivable 4500
Liabilities 3000
Common Stock 7500
Dividends 1500
Sales 19,500
Salaries expense 11,250
Other operating expenses 5,250 _____
Total 30000 30,000
Explanation / Answer
Journal Entries Particulars Dr Amt Cr Amt Sales Dr 19,500.00 To Income Summary 19,500.00 Income Summary Dr 16,500.00 To salaries Expense 11,250.00 To other operating expense 5,250.00 Income summary DR 3,000.00 To retained earnings 3,000.00 Retained earnings DR 1,500.00 To Dividend 1,500.00
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