Closing Process Extra Credit Project - Paget & Company All values are in thousands. The trailing 000 have been omitted. Account Name Account Type Debit Credit Cash $200 Accounts Receivable $300 Allowance for Doubtful Accounts $501 Inventory $3501 Prepaid Insurance $70 Property, Plant & Equipment $400 Accumulated Depreciation $100 Patents 200 Accounts Payable $100 Unearned Revenue $90 Accrued Liabilities $300 Notes Payable $200 Discount on Notes Payable $30 Bonds Payable (Long-Term) $100 Premium on Bonds Payable $20 Dividends Declared $20 Common Stock S150 Retained Earnings S525 Sales S540 Interest Revenue $1001 Cost of Goods Sold $200 Environmental Expense $80 Utilities Expense $60 Salaries Expense $90 Amortization Expense - Patents Depreciation Expense S10 Loss on Sale of Land S40 Gain on Sale of Equipment S501 Total SS Income Summary T-Account Retained Earnings T-Account Step 1: Journal Entry to Close Revenues & Gains: Step 2: Journal Entry to Close Expenses & Losses: Step 3: Journal Entry to close Income Summary Step 4: Journal Entry to close Dividends Declared