Question

Required information [The following information applies to the questions displayed below.) The following is a list of accounts and adjusted amounts for Rollcom, Inc., for the fiscal year ended September 30, 2018. The accounts have normal debit or credit balances. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Income Tax Expense Notes Payable (long-term) Office Expenses Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Supplies $ 39,100 66,500 21,500 80,300 94,800 90,700 10,500 1,500 6,300 164,200 99,900 128,700 325,600 35,200 2. Prepare the closing entry required at September 30, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1

Rollcom Inc Journal Entries - Rollcom Inc. Particulars Date Debit Credit 325,600 30-Sep-18 Sales Revenue Income Summary (close revenue account) 325,600 309,700 30-Sep-18 Income summary Income tax expense Office expenses Rent expense Salaries and wages expense (Close expenses accounts) 10,500 6,300 164,200 128,700 15,900 30-Sep-18 Income summary Retained earnings (Close net income retained earnings) 15,900