Date | Account Title | Debit | Credit | |
1-a | Dec-31,2019 | Sales Revenue | $ 30,42,478 | |
Net Licensing income | $ 15,487 | |||
Interest Income | $ 8,302 | |||
Other non operating income | $ 2,156 | |||
Income Summary | $ 30,68,423 | |||
(Being Revenue account closed) | ||||
1-b | Dec-31,2019 | Income Summary | $ 27,37,934 | |
Cost of Sale | $ 15,26,808 | |||
Selling,general and Administrative expenses | $ 11,36,186 | |||
Income tax expense | $ 74,940 | |||
(Being expense accounts closed) | ||||
2 | Dec-31,2019 | Income Summary | $ 3,30,489 | |
Retained Earnings | $ 3,30,489 | |||
(To close the income summary account ) | ||||
3 | Dec-31,2019 | Retained Earnings | $ 65,127 | |
Dividends | $ 65,127 | |||
(Being Dividend account closed) |
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4. date of the closing entries- Year end date, Here December 31, 2019
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Using information found in the financial statements of the Annual Report, make the following closing entries:...
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