Question

[The following information applies to the questions displayed below.]

The following is a list of accounts and amounts for Rollcom, Inc., for the fiscal year ended September 30, 2015. The accounts have normal debit or credit balances.

Accounts Payable	$	39,500
Accounts Receivable		66,900
Accumulated Depreciation—Equipment		21,900
Cash		80,700
Common Stock		95,200
Equipment		91,100
Income Tax Expense		10,540
Notes Payable (long-term)		1,540
Office Expense		6,340
Rent Expense		164,600
Retained Earnings		99,860
Salaries and Wages Expense		129,100
Sales Revenue		326,880
Supplies		35,600

rev: 03_21_2017_QC_CS-83370

2.

value:
3.00 points

Required information

Prepare the closing entry required at September 30, 2015. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1

Closing entries

Date	account and explanation	Debit	Credit
Sep 30	Sales revenue	326880
	Income summary		326880
	(To close revenue)
Sep 30	Income summary	310580
	Income tax expense		10540
	Office expense		6340
	Rent expense		164600
	Salaries and Wages Expense		129100
	(To close expense)
Sep 30	Income summary	16300
	Retained earnings		16300
	(To close income summary))