SPN Yahool gold-soul.la women\'s ww... shophearts Job Desoriptsion Cloud Bing Ya
ID: 2537522 • Letter: S
Question
SPN Yahool gold-soul.la women's ww... shophearts Job Desoriptsion Cloud Bing Yahoo Google Waspea Facebooker Linkedin The Weather C r 2 Quiz Help Accounts receivable 163,000 Prepaid rent 8,000 430,000 Inventory Equipment Accunulated depreciation ea ipment Accounts payable Notes payable - due in three months Salaries payable Interest payable Common stock Retained earnings Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertiaing expense 138.00 43,000 2,300 265,000 8,600 30,000 245,000 133,000 28,000 43,000 3, 300 1,105,200 1,105,200 Totals pare the closing entries for China Tea Company for the year ended December 31, 2018. (f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required PreExplanation / Answer
Answer
General Journal
Dr
Cr
Sales Revenue
$530000
Income Summary
$530000
(Revenue account closed)
Income Summary
$456100
Cost of Goods Sold
$245000
Salaries expenses
$133000
Rent expenses
$28000
Depreciation expenses
$43000
Interest expenses
$3300
Advertising expenses
$3800
(Expenses account closed)
Income Summary [530000-456100]
$73900
Retained Earnings
$73900
(Income Summary a/c closed)
General Journal
Dr
Cr
Sales Revenue
$530000
Income Summary
$530000
(Revenue account closed)
Income Summary
$456100
Cost of Goods Sold
$245000
Salaries expenses
$133000
Rent expenses
$28000
Depreciation expenses
$43000
Interest expenses
$3300
Advertising expenses
$3800
(Expenses account closed)
Income Summary [530000-456100]
$73900
Retained Earnings
$73900
(Income Summary a/c closed)
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