Hayes RV Center accounting records include the following accounts at December 31: Journalize closing entries for Haves':
Question:
Hayes RV Center accounting records include the following accounts at December 31:
Journalize closing entries for Haves':
a. Revenues
b. Expenses
c. Income Summary account
d. Withdrawals
Transcribed Image Text:
Cost of goods sold $385,000 Accumulated depreciation $ 38,000 Accounts payable 16,000 Cash 40,000 Rent expense 20,000 Sales revenue 700,000 Building 110,000 Depreciation expense 10,000 J. Hayes, capital 140,000 J. Hayes, withdrawals 60,000 Inventory 260,000 Sales discounts 9,000
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