Presented below is information related to Gonzales Corporation for the month of

Question

Presented below is information related to Gonzales Corporation for the month of January 2014.

Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Cost of goods sold $218,780 Salaries and wages expense $65,020 Delivery expense 7,470 Sales discounts 8,170 Insurance expense 12,900 Sales returns and allowances 13,690 Rent expense 21,920 Sales revenue 372,560

Explanation / Answer

Closing entry: Revenue to Income summary Account title Debit ($) Credit ($) Sales Revenue    372,560           To Income Summary    372,560 Closing expense to Income Summary: Account title Debit ($) Credit ($) Income Summary    347,950           To cost of goods sold    218,780           To Delivey Expenses 7470           To Insurance expenses 12900           To rent expenses 21920           To Salaries and wages expenses 65020           To Sales discount 8170           To Sales Returns and allownces 13690

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