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 company's fiscal year. Credit KINGBIRD FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,600 Accounts Receivable 37,300 Inventory 48,600 Supplies 9,100 Equipment 140,200 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,200 Advertising Expense 27,700 Utilities Expenses 15,800 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,300 Totals $1,004,200 $26,600 54,600 52,100 93,600 11,600 765,700 $1,004,200

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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