Question

1. Journalize and post the closing entries

TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ACCOUNT TITLES DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Debit CREDIT Debit CREDIT Cash 4317 4317 4317 Accounts Recelvable Merchandise Inventory Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable 3165 3165 3165 2376 2276 100 2276 405 405 405 7000 7000 7000 84 2084 2000 2084 850 2100 850 850 Wages Payable Note Payable Capital Drawing Sales Sales Returns Sales Discounts Cost of Merchandise Sold 2100 2100 3500 9225 3500 3500 9225 9225 3750 3750 3750 150 150 50 150 50 50 1900 1900 1800 100 2100 2100 Salaries Expense Supplies Expense Depreciation Expense Misc. Expense Freight Expense 2100 84 84 84 12 50 12 12 50 50

Answer 1

Account	DR	CR
Sales	3750
Sale Return		150
Sale Discount		50
Cost of Merchandising Sold		1900
Salaries		2100
Depreciation		84
Misc Expenses		12
Freight Expenses		50
Profit & Loss Account	596
Total	4346	4346
Account	DR	CR
Profit & Loss Account		596
Capital Account	596
Total	596	596