Using the information in Problem 7A, prepare compound closing entries for Plymouth Electronics. Plymouth Electronics Work Sheet

Using the information in Problem 7A, prepare compound closing entries for Plymouth Electronics.

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Plymouth Electronics Work Sheet For the Year Ended December 31, 2014 Income Statement Dr Balance Sheet & Statement of Changes in Equity Account Merchandise inventory Other assets Celine Plymouth, capital 19,500 487,785 247,605 312,370 Celine Plymouth, withdrawals Interest earned 67,000 720 942,000 Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Rent expense, selling space Store supplies expense Depreciation expense, store 5,715 14,580 719,000 79,200 33,000 1,620 Office salaries expense Rent expense, office space Office supplies expense Insurance expense Depreciation expense, office 8,910 56,500 3,000 735 3,390 2,760 Totals Net income Totals 928,410 942,720 574,285 559,975 14,310 942,720 942,720 574,285 574,285 14,310