On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information.
Income Statement Section Debit Credit
Income Summary $37,600 $40,900
Sales 249,500
Sales Returns and Allowances 3,400
Sales Discounts 2,400
Interest Income 120
Purchases 133,400
Freight In 1,700
Purchases Returns and Allowances 1,500
Purchases Discounts 1,430
Rent Expense 8,000
Utilities Expense 2,830
Telephone Expense 1,440
Salaries Expense 65,100
Payroll Taxes Expense 5,170
Supplies Expense 1,600
Depreciation Expense 2,000
Interest Expense 240
Totals $264,880 $293,450
Assume further that the owner of the firm is John Capeletti and that the John Capeletti, Drawing account had a balance of $25,700 on December 31, 2019.
Required:
Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts.
Answers: 2
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