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Retained earnings July 31, 2017 Accounts receivable Net revenues Total current liabilities 31,800 Cost of goods sold 28,200 C
Uptown Sporting Goods Company Balance Sheet July 31, 2018 Thousands Assets Current assets Cash Accounts receivable 26,900 28,
i Data Table Inventories 38,000 5,300 Other current assets balan 98,400 19,900 21,000 139,300 Total current assets Property a
Uptown Sporting Goods Company Statement of Retained Earnings Year Ended July 31, 2018 Thousands Retained earnings, July 31, 2
Make the companys closing entries at July 31, 2018. Then set up a T-account for Retained Earnings and post to that account.
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Answer #1
Journal Entry- Closing Entrie
Date Accoutn Tittle Debit Credit
Net Revenue $186,500.00
Income Summary $186,500.00
TO Record Closing of Service Revenue
Income Summary $164,500.00
Cost of Goods Sold $136,500.00
Other Expense $28,000.00
TO Record Closing of Expense
Income Summary $22,000.00
Retained Earning $22,000.00
To Record Closing of Income Summary
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