Question

On December 31, Gray Company had the following adjusted trial balance: Additional Resources Account Titles Debit...

On December 31, Gray Company had the following adjusted trial balance:

Additional Resources

Account Titles Debit Credit
Cash

11,460
Accounts Receivable

7,700
Prepaid Rent

7,280
Equipment

30,800
Accumulated Depreciation

8,600
Accounts Payable

17,210
Capital Stock

20,900
Retained Earnings

21,200
Dividends

15,000
Sales

74,900
Sales Discounts

1,390
Sales Returns and Allowances

1,240
Cost of Goods Sold

44,940
Selling Expenses

10,300
General and Administrative Expenses

12,700

142,810

142,810

Required
Prepare the first closing entry to close the revenue accounts to Income Summary.

Business   Accounting   
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Homework Answers

Answer #1
Date General Journal Debit Credit
Dec 31 Sales Revenue 74,900
Income Summary 74,900
Income Summary 70,570
Sales Discounts 1,390
Sales Returns and Allowances 1,240
Cost of Goods Sold 44,940
Selling Expenses 10,300
General and Administrative Expenses 12,700
Income Summary (74,900 - 70,570) 4,330
Retained Earnings 4,330
Retained Earnings 15,000
Dividends 15,000

Post-closing Trail Balance:

Account Titles Debit Credit
Cash 11,460
Accounts Receivable 7,700
Prepaid Rent 7,280
Equipment 30,800
Accumulated Depreciation 8,600
Accounts Payable 17,210
Capital Stock 20,900
Retained Earnings (21,200 + 4,330 - 15,000) 10,530
57,240 57,240
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