Question
1. journalize the closing entries
Problem 3-04 The trial balance of Kingbird Fashion Center contained the following accounts at November 30, the end of the com
140,200 $26,600 54,600 52,100 93,600 11,600 765,700 Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payab
1 1 . Nov. 30 Sales Revenue 765000 765000 Income Summary (To close accounts with credit balances.) 2. Nov. 30 Income Summary
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Answer #1
Date General Journal Debit Credit
Nov-30 Sales revenue $   765,700
Income summary $   765,700
(To close account with credit balance)
Nov-30 Income summary $   766,440
Sales returns and allowances $       4,200
Cost of goods sold $   495,400
Salaries and wages expense $   138,200
Advertising expense $     27,700
Utlities expense $     15,800
Maintenance and repairs expense $     12,100
Delivery expense $     16,700
Rent expense $     25,300
Supplies expense ($9,100 - $5,100) $       4,000
Depreciation expense $     16,950
Interest expense $     10,090
(To close acounts with debit balance)
Nov-30 Retained earnings ($766,440-$765,700) $           740
Income summary $           740
(To close income summary)

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