Question

Presented below is information related to Coronado Corporation for the month of January 2017. Cost of...

Presented below is information related to Coronado Corporation for the month of January 2017.

Cost of goods sold $192,350 Salaries and wages expense $65,470
Delivery expense 7,420 Sales discounts 8,770
Insurance expense 11,370 Sales returns and allowances 14,060
Rent expense 21,700 Sales revenue 324,000


Prepare the necessary closing entries.

Homework Answers

Answer #1

Prepare the necessary closing entries.

Date accounts & explanation debit credit
Sales revenue 324000
Income summary a/c 324000
(To record close of revenue account)
Income summary a/c 321140
  Sales returns and allowances 14060
Sales discounts 8770
Cost of goods sold 192350
Delivery expense 7420
  Insurance expense 11370
Rent expense 21700
Salaries and wages expense 65470
(To record close of expenses account)
Income summary a/c 2860
Retained earnings 2860
(To record close of income summary account)
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