Question

AutoSave Home Draw Insert Page Layout Formulas Data Review View Developer X Calibri (Body) A A 11 12 wrap Tet G Paste BIU A Marge & Center X f 014 A 8 G H K 20 yerLamp Company TelBne 21 22 As of December 31, 2018 23 Debt Credt 24 Cash 25 Accouns Recevable 26 Menhandse Inventory 228800 191.200 222000 27 Prepaid Inurance 11600 28 Land 240,000 440000 29 uding 30 Acnumulated Depreciation-Bding 31 Store Fates 32 Accumudated Deprecetion-Store Ftues 33 Accouts Payable 34 Captal Stock 35 etained Eamings lanary 1 36 Sales 132.000 222400 44480 151600 400,000 480720 2,206000 37 Sales Dcunts MSales Retums and Alowances 19 terest Revenue 14800 800 1600 L201200 40 Cost of Goods Sold 41 Advertising Expense 42 Sales Salaries Expense 43 office Salaries Expenser 4 Dellvery Expense 45 interest Expense 48.000 256.000 296000 18,400 8000 3416400 TOTALS 416400 47 Pepae the required closing entries 50 GENERAL JOURNAL POST REF Account Description Debit Credit 33 54 Sheett

Answer 1

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Event	Account	Debit	Credit
c1	Sales	$   2,206,000
	Interest Revenue	$            1,600
	Income Summary		$   2,207,600
	(To close revenue accounts)
c2	Income Summary	$   1,858,400
	Sales Discount		$         14,800
	Sales return and allowance		$            8,000
	Cost of Goods Sold		$   1,209,200
	Advertising Expense		$         48,000
	Sales Salaries Expense		$       256,000
	Office Salaries Expense		$       296,000
	Delivery Expense		$         18,400
	Interest Expense		$            8,000
	(To close expense account)
c3	Income Summary	$       349,200
	Retained Earning		$       349,200
	(To close income summary)