Question

(9) Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 30 Service Revenue 7728 Sales Revenue 6050 13778 Income Summary (To close revenue accounts and other accounts with credit balances.) Nov. 30 Income Summary 10279 Sales Discounts 121 Cost of Goods Sold 4400 Rent Expense 412 Salaries and Wages Expense 4015 Supplies Expense 1056 Depreciation Expense 275 (To close expense accounts and other accounts with debit balances.) Nov. 30 Income Summary 11199 Retained Earnings 11199 (To clase income summary.)

Answer 1

Date	Account Titles	Debit	Credit
Nov 30	Income Summary	3,499
	Retained Earnings		3,499
	To close income summary

Retained Earnings
		11/1 Bal	7,700
		Income Summary	3,499
		11/30 Bal.	11,199
Service Revenue
		11/22	2,530
		11/29	770
Income Summary	7,728	Adj.	4,428
Depreciation Expense
Adj.	275	Income Summary	275
Supplies Expense
Adj.	1,056	Income Summary	1,056
Salaries and Wages Expense
11/8	2,035
11/29	1,430
Adj.	550	Income Summary	4,015
Rent Expense
11/29	412	Income Summary	412
Sales Revenue
Income Summary	6,050	11/12	6,050
Cost of Goods Sold
11/12	4,400	Income Summary	4,400
Sales Discounts
11/19	121	Income Summary	121
Income Summary
Sales Discounts	121	Service Revenue	7,728
Cost of Goods Sold	4,400	Sales Revenue	6,050
Rent Expense	412
Salaries and Wages Expense	4,015
Supplies Expense	1,056
Depreciation Expense	275
Retained Earnings	3,499