Homework Answers
Preparing of closing entries at December 31 for the current year:
| Date | Explanation | Debit | Credit |
| Dec31 | Sales | $60000 | |
| Income summary | $60000 | ||
| (To record the closing of revenue account) | |||
| Dec31 | Income summary | $66000 | |
| Cost of foods sold | $48000 | ||
| Depreciation expense-store equipment | $1000 | ||
| Office supplies expense | $1000 | ||
| Salaries expense | $14000 | ||
| Rent expense | $2000 | ||
| (To record the closing of all expense accounts) | |||
| Dec31 | Retained Earnings | $6000 | |
| Income summary | $6000 | ||
| (To record the closing of income summary account) |
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answer 1,2,3,4,5,6
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answer 1,2,3,4,5,6
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