You are at the end of the month, and you have to reset the temporary accounts prior
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You are at the end of the month, and you have to reset the temporary accounts prior to the new period starting. You must do the closing entries in order to complete this. Please close the appropriate accounts using the journal and ledgers again. Make sure to do a post-closing trial balance to ensure you are still in balance after the closing is finished. Continue to use the Excel templates provided.
Account | Act. # | Debit | Credit | |
Cash | 100640.00 | |||
Accounts Receivable | 3000.00 | |||
Equipment | 10100.00 | |||
Accumulated Depreciation | 210.00 | |||
Inventory | 850.00 | |||
Accounts Payable | 11700.00 | |||
common stock | 100000.00 | |||
COGS | 750 | |||
Sales | 6500.00 | |||
Sales returns | 500.00 | |||
Sales Discounts | 60.00 | |||
Rent Expense | 2000.00 | |||
Electric Expense | 100.00 | |||
Depreciation | 210.00 | |||
Shipping Expense | 200.00 |
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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