On December 31, Williams Company had the following adjusted trial balance: Date Cash Account Title Account...

 

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On December 31, Williams Company had the following adjusted trial balance: Date Cash Account Title Account Titles Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends Sales Sales Discounts Sales Returns and Allowances Cost of Goods Sold Selling Expenses General and Administrative Expenses Debit Debit Credit 14,750 9,080 Required Prepare the first closing entry to close the revenue accounts to Income Summary. 7,160 34,000 16,800 500 1,390 44,820 11,500 12,200 152,200 Credit 7,200 25,300 20,700 24,300 74,700 152,200 On December 31, Williams Company had the following adjusted trial balance: Date Cash Account Title Account Titles Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends Sales Sales Discounts Sales Returns and Allowances Cost of Goods Sold Selling Expenses General and Administrative Expenses Debit Debit Credit 14,750 9,080 Required Prepare the first closing entry to close the revenue accounts to Income Summary. 7,160 34,000 16,800 500 1,390 44,820 11,500 12,200 152,200 Credit 7,200 25,300 20,700 24,300 74,700 152,200

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Date Dec31 Dec31 Dec31 Dec31 Closing Entries Accou... View the full answer