on december 31, 20x1, the income statement columns of the worksheet for the sax shop contained the following information. income statement columns debit credit income summary $ 40,000 $ 43,000 sales 291,500 sales returns and allowances 4,400 sales discounts 3,600 interest income 230 purchases 135,200 freight in 2,700 purchases returns and allowances 1,500 purchases discounts 2,630 rent expense 24,000 utilities expense 3,630 telephone expense 1,940 salaries expense 67,100 payroll taxes expense 5,370 supplies expense 1,580 depreciation expense 3,000 interest expense 420 totals $ 292,940 $ 338,860 assume further that the owner of the firm is mark fronke and that the mark fronke, drawing account had a balance of $39,700 on december 31, 20x1. prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts.

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15-12-2022
Business

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on december 31, 20x1, the income statement columns of the worksheet for the sax shop contained the following information. income statement columns debit credit income summary $ 40,000 $ 43,000 sales 291,500 sales returns and allowances 4,400 sales discounts 3,600 interest income 230 purchases 135,200 freight in 2,700 purchases returns and allowances 1,500 purchases discounts 2,630 rent expense 24,000 utilities expense 3,630 telephone expense 1,940 salaries expense 67,100 payroll taxes expense 5,370 supplies expense 1,580 depreciation expense 3,000 interest expense 420 totals $ 292,940 $ 338,860 assume further that the owner of the firm is mark fronke and that the mark fronke, drawing account had a balance of $39,700 on december 31, 20x1. prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts.

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Tutorconsortium434 Tutorconsortium434 · Answer 1 · 2022-12-21T07:09:13+01:00

To close the income summary account to owner's equity, the following entry should be made:

Income Summary $40,000

Owner's Equity (Mark Fronke, Drawing) $40,000

How do you write the other journal entries?

To close the sales returns and allowances account to the income summary account, the following entry should be made:

Income Summary $4,400

Sales Returns and Allowances $4,400

To close the sales discounts account to the income summary account, the following entry should be made:

Income Summary $3,600

Sales Discounts $3,600

To close the purchases returns and allowances account to the cost of goods sold account, the following entry should be made:

Cost of Goods Sold $1,500

Purchases Returns and Allowances $1,500

To close the purchases discounts account to the cost of goods sold account, the following entry should be made:

Cost of Goods Sold $2,630

Purchases Discounts $2,630

To close the rent expense account to the income summary account, the following entry should be made:

Income Summary $24,000

Rent Expense $24,000

To close the utilities expense account to the income summary account, the following entry should be made:

Income Summary $3,630

Utilities Expense $3,630

To close the telephone expense account to the income summary account, the following entry should be made:

Income Summary $1,940

Telephone Expense $1,940

To close the salaries expense account to the income summary account, the following entry should be made:

Income Summary $67,100

Salaries Expense $67,100

To close the payroll taxes expense account to the income summary account, the following entry should be made:

Income Summary $5,370

Payroll Taxes Expense $5,370

To close the supplies expense account to the income summary account, the following journal entry should be made:

Income Summary $1,580

Supplies Expense $1,580

To close the depreciation expense account to the income summary account, the following entry should be made:

Income Summary $3,000

Depreciation Expense $3,000

To close the interest expense account to the income summary account, the following entry should be made:

Income Summary $420

Interest Expense $420

To close the cost of goods sold account to the income summary account, the following entry should be made:

Income Summary $135,200

Cost of Goods Sold $135,200

To close the interest income account to the income summary account, the following entry should be made:

Income Summary $230

Interest Income $230

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