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9. Rocky RV Centers accounting records include the following accounts at December 31, 2018: Cost of Goods Sold Accounts Paya

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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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