Presented below are the balances from Elsie’s Electronics Ltd.’s general ledger as at September 30, 2020:

		DR		CR
Cash		30,000
Accounts receivable		31,000
Inventory		67,000
Equipment		328,000
Accumulated depreciation, equipment				160,000
Accounts payable				104,000
Bank loan payable				69,000
Unearned revenue				18,000
Common shares				10,000
Retained earnings				72,000
Dividends declared		18,000
Sales revenue				493,000
Interest revenue				2,000
Cost of goods sold		321,000
Wages expense		62,000
Rent expense		26,000
Depreciation expense		45,000

 

Transcribed Image Text:

Prepare the necessary closing entries for Eisie's Electronics at September 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Sept. 30 (To close accounts with a credit balance) Sept. 30 (To close accounts with a debit balance) Sept. 30 (To close income summary account) Sept. 30 (To close dividend account) Determine the closing Retained Earnings account balance. Retained earnings account closing balance $ Prepare the necessary closing entries for Eisie's Electronics at September 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Sept. 30 (To close accounts with a credit balance) Sept. 30 (To close accounts with a debit balance) Sept. 30 (To close income summary account) Sept. 30 (To close dividend account) Determine the closing Retained Earnings account balance. Retained earnings account closing balance $

Answer rating: 100% (QA)

Date Accounts title Debit Credit 30Sep Sales revenu... View the full answer