Q.0 Sanford-Googie Chrome /www.mathxl.com/Stu (60) SUM18 (Coates) Test.aspx?test

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Q.0 Sanford-Googie Chrome /www.mathxl.com/Stu (60) SUM18 (Coates) Test.aspx?testld-1832707078icenterwin-yes Hayle Sanford | 7/1/1 am 3 Chapter 5 Time Remaining: 01:4509 4 pts 44 of 34 (32 complete) This Test: 100 accounting records include the following accounts at December 31, 2018. view the accounts and balances) ired closing entries for Rodney ng Data Table the journal Cost of Goods Sold Accounts Payable Rent Expense Building Rodney. Capital Merchandise Inventory Notes Receivable 368.000 Accumulated Depreciation--Building $ 42,000 50,000 690,000 12,000 55.000 5.000 12,000 Cash 27,000 Sales Revenue 114,000 Depreciation Expense-Building 209,000 Rodney. Withdrawals 260,000 Interest Revenue 33.000 Print Done nter any number in the input fields and then continue to the next question.

Explanation / Answer

Date General Journal Debit Credit 31-Dec Sales Revenue A/c $690,000.00 Interest Revenue A/c $    5,000.00 Income Summary A/c $695,000.00 (to close revenue a/c) 31-Dec Income Summary A/c $407,000.00 Cost of Goods Sold $368,000.00 Rent $ 27,000.00 Depreication $ 12,000.00 (to close expenses a/c) 31-Dec Income Summary A/c $288,000.00 Capital A/c $288,000.00 (to transfer income summary a/c) 31-Dec Capital A/c $       55,000.00 Drawings A/c $       55,000.00 (to close withdrawls account) 31-Dec Ending balance in the capital account would be $ 209000+ $ 288000- $ 55000 $ 442000

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