Question

please help with journalizing

Presented below are selected account balances for Bonita Co. as of December 31, 2020. Inventory 12/31/20 $61,120 Cost of Goods Sold $228,331 Common Stock 74,240 Selling Expenses 16,210 Retained Earnings 45,290 Administrative Expenses 37,930 Dividends 17,945 Income Tax Expense 30,410 Sales Returns and Allowances 12,050 Sales Discounts 14,730 Sales Revenue 405,490 Prepare closing entries for Bonita Co. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent No. Account Titles and Explanation Debit Credit 1. Sales Revenue 405490 Income Summary 405490 (To close accounts with credit balances) 2. Income Summary. 285521 Income Tax Expense 37930 Administrative Expenses 30410 Selling Expenses 16210 Cost of Goods Sold 228331 Sales Discounts 14730 Sales Returns and Allowances 12050 (To close accounts with debit balances) 3. Income Summary 119969 Retained Earmings 119969 (To close net income/(loss) 4. Retained Earmings 17945 Dividends 17945 (To close dividends)

Answer 1

Credit No. 1. Debit 405,490 405,490 339,661 Account Titles and Explanation Sales Revenue Income Summary (To close accounts with credit balances) Income Summary Cost of Goods Sold Sales Returns and Allowances Sales Discounts Selling Expenses Administrative Expenses Income Tax Expense (To close accounts with debit balances) Income Summary Retained Earnings (To close net income / (loss)) Retained Earnings Dividends (To close dividends) 228,331 12,050 14,730 16,210 37,930 30,410 3. 65,829 65,829 17,945 17,945