Question

Can I get help writing closing entries from this worksheet?

WN 5 Account Title 7 Cash 8 Accounts Receivable 9 Allowance for Doubtful Accounts 10 Interest Receivable 11 Note Receivable 12 Merchandise Inventory 13 Prepaid Insurance 14 Prepaid Rent 15 Supplies 16 Equipment 17 Accumulated Depreciation - Equipment 18 Accounts Payable 19 Salaries & Wages Payable 20 Unearned Revenue 21 Interest Payable 22 Utilities Payable 23 Note Payable (final payment due 2023) 24 Common Stock 25 Retained Earnings 26 Dividends 27 Sales 28 Consulting Revenue 29 Sales Returns and Allowances 30 Sales Discounts 31 Cost of Goods Sold 32 Salaries & Wages Expense 33 Depreciation Expense - Equipment 34 Bad Debt Expense 35 Insurance Expense 36 Rent Expense 37 Supplies Expense 38 Utilities Expense 39 Interest Revenue 40 Interest Expense End of Period Worksheet For the Year Ended December 31, 2019 Unadjusted Adjusted Trial Balance Adjustments Trial Balance DR CRI DR CRI DR CR 270.788 270,788 1,070,384 11,070,384 18,514 18,514 8,531 8,531 359,180 359.180 782,572 782,572 28,728 19,152 9,576 47,880 6,390 41,490 41 121,296 43,206 78,090 1,118,264 1,118,264 118,104 110,626 228,730 111,826 111,826 71,490 71,490 32,000 12,000 20,000 15,920 15,920 12,314 12,314 758,100 758,100 585,200 585,200 904,400 904,400 234,080 234,080 11,179,980 11,179,980 12,000 12,000 63,840 63,840 137,256 137,256 7,612,388 7,612,388 1,733,256 71,490 1,804,746 110,626 110,626 Income Statement Balance Sheet DR CRI DR LCR 270,788 1,070,384 18,514 8,531 359,180 782,572 9,576 41,490 78,090 1,118,264 228,730 111,826 71,490 20,000 15,920 12,314 758,100 585,200 904.400 234,080 11,179,980 12,000 63,840 137,256 7,612,388 1,804,746 110,626 19,152 6,390 43,206 12,314 19,152 6,390 43,206 140,526 128,212 8.531 8.531 19,152 6,390 43,206 140,526 8.531 15,920 9,954,051 11,200,511 3,972,955 1,246,460 11,200,511 11,200,5113,972,955 13,708,124 13,708,124 15,920 299,629 299,629 15,920 13,927,005 13,927,005 42 Net Income 2,726,495 1,246,460 3,972,955 43

Answer 1

Closing entries:

Date	Account title and explanation	Debit	Credit
Dec. 31, 2019	Sales	11,179,980
	Consulting revenue	12,000
	Interest revenue	8,531
	Income summary		11,200,511
Dec. 31, 2019	Income summary	9,954,050
	Sales returns and allowances		63,840
	Sales discounts		137,256
	Cost of goods sold		7,612,388
	Salaries & Wages expense		1,804,746
	Depreciation expense-Equipment		110,626
	Insurance expense		19,152
	Rent expense		6,390
	Supplies expense		43,206
	Utilities expense		140,526
	Interest expense		15,920
Dec. 31, 2019	Income summary (11,200,511-,9,954,050)	1,246,461
	Retained earnings		1,246,461
Dec. 31, 2019	Retained earnings	234,080
	Dividends		234,080