A partial list of the accounts used by Cycle Tech Bicycles appears on shown below. All of
Question:
A partial list of the accounts used by Cycle Tech Bicycles appears on shown below. All of the accounts have nonzero balances.
Instructions
In your working papers, list all account numbers and names for accounts that will be debited when closed. Next, list all account numbers and names for accounts that will be credited when closed.
Transcribed Image Text:
General Ledger 101 Cash in Bank 650 Miscellaneous Expense 125 Merchandise Inventory 665 Supplies Expense 215 Sales Tax Payable 505 Transportation In 305 Retained Earnings 401 Sales 405 Sales Discounts 310 Income Summary 501 Purchases 515 Purchases Returns and Allowances 601 Advertising Expense 625 Federal Corporate Income Tax Expense 657 Rent Expense 135 Prepaid Insurance
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