Question

Question 31 The trial belance of Pina Colada a: December 31 shows Inventory $21,100, Seles Revenue $161,500, Seles Returns and Allowances $4,800, Sales Discounts $2,900, Cost of Goods Sold $93,500, Interest Revenue $5,200, Freight-Out $2,100, Utilities Expense 7.500, and Salaries and Wages Expense $18,800. Propare the closing antrias for Pina Colada. (Crodit account titles are automatically indented when amount is onterod. Do not indent manually. If no entry is required, select "No Entry for the account titles and onter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To dose accounts with credit balances) Dec. 31 (To dose accounts with debit balances)

Answer 1

Closing entries :

Date	account and explanation	debit	credit
Dec 31	Sales revenue	161500
	Interest revenue	5200
	Income summary		166700
	(To close accounts with credit balances)
Dec 31	Income summary	129600
	Sales return and allowance		4800
	Sales discount		2900
	Cost of goods sold		93500
	Freight out		2100
	Utilities expense		7500
	Salaries and wages expense		18800
	(To close accounts with debit balances)