Homework Answers
Solution
| Closing Entries | |||
| Date | Accounts and Explanations | Debit | Credit |
| 31-Dec | Sales revenue | $636,500.00 | |
| Interest revenue | $14,000.00 | ||
| Income Summery | $650,500.00 | ||
| (Revenue accounts closed) | |||
| 31-Dec | Income Summery | $411,000.00 | |
| Depreciation expense-Building | $13,000.00 | ||
| Cost of goods sold | $372,000.00 | ||
| Rent expense | $26,000.00 | ||
| (Expenses Accounts closed) | |||
| 31-Dec | Income Summery | $239,500.00 | |
| Rocky, capital | $239,500.00 | ||
| (Income summery transferred to Retained earnings) | |||
| 31-Dec | Rocky, capital | $58,000.00 | |
| Rocky, Withdrawal | $58,000.00 | ||
| (To close drawings account) | |||
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