On December 31, 20X1, the Income Statement columns of the worksheet for The Sax Shop contained the
Question:
On December 31, 20X1, the Income Statement columns of the worksheet for The Sax Shop contained the following information. Give the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts. Use journal page 16.
INCOME STATEMENT COLUMNS
Assume further that the owner of the firm is Mark Fronke and that the Mark Fronke, Drawing account had a balance of $39,700 on December 31, 20X1.
Income Summary Sales Sales Returns and Allowances Sales Discounts Interest Income Purchases Debit $ 40,000 4,400 3,600 135,200 Credit $ 43,000 291,500 230
Step by Step Answer:
ANSWER To close the revenue cost of goods sold expense and other temporary accounts the following en...View the full answer
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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