On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows:
Accounts Receivable $155,250
Accumulated Depreciation—Building 758,050
Administrative Expenses 522,950
Common Stock 308,650
Cost of Goods Sold 3,884,500
Interest Expense 9,500
Notes Payable 250,600
Office Supplies 20,200
Retained Earnings 1,349,550
Salaries Payable 7,750
Selling Expenses 733,950
Store Supplies 94,450
Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
This is the wording I have to use:
Cash / Inventory / Office Supplies / Store Supplies / Building / Accumulated Depreciation-Building / Salaries Payable / Notes Payable / Common Stock / Retained Earnings /Dividends / Sales / Cost of Goods Sold / Depreciation Expense / Salaries Expense / Selling Expenses / Administrative Expenses / Interest Expense
I am only given 8 lines to post this journal.
|Date||Accounts and Explanation||Debit||Credit|
|Dec 31||Income Summary||5,150,900|
|Cost of Goods Sold||3,884,500|
|Dec 31||Income Summary||1,092,800|
|Dec 31||Retained Earnings||184,250|
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