Question: Only need help with incorrect answers Presented below is information related to Wildhorse Corporation for the month of January 2025. Prepare the necessary closing entries.
Only need help with incorrect answers


Presented below is information related to Wildhorse Corporation for the month of January 2025. Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation (To close revenue accounts) Jan.31IncomeSummaryInsuranceExpense \begin{tabular}{||l||} \hline \hline 354260 \\ \hline \hline \end{tabular} Rent Expense 21410 Salaries and Wages Expense 66680 Cost of Goods Sold 210300 Sales Discounts 8200 Sales Returns and Allowances 13910 Rent Expense 21410 (To close expense accounts) Jan. 31 Income Summary 3040 Retained Earnings (To close net income / (loss))
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
