Books Galore, Inc., an online bookstore, had the following account balances at year-end: Sales Revenue of...
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Books Galore, Inc., an online bookstore, had the following account balances at year-end: Sales Revenue of $440,000; Cost of Goods Sold of $180,000; Salary Expense of $85,000; Insurance Expense of $3,800. Also, it declared and paid a dividend in the amount of $12,000 at year-end. Prepare the necessary closing entries for Books Galore. Omit explanations. (Record debits first, then credits. Exclude explanations from any journal entries.) (1) Start by closing revenues. Account Sales Revenue Income Summary December 31 440000 440000 (2) Close the expenses for the period. Account (3) Close income summary. Account December 31 December 31 (4) Close the dividend account. Account December 31 Books Galore, Inc., an online bookstore, had the following account balances at year-end: Sales Revenue of $440,000; Cost of Goods Sold of $180,000; Salary Expense of $85,000; Insurance Expense of $3,800. Also, it declared and paid a dividend in the amount of $12,000 at year-end. Prepare the necessary closing entries for Books Galore. Omit explanations. (Record debits first, then credits. Exclude explanations from any journal entries.) (1) Start by closing revenues. Account Sales Revenue Income Summary December 31 440000 440000 (2) Close the expenses for the period. Account (3) Close income summary. Account December 31 December 31 (4) Close the dividend account. Account December 31
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Answer rating: 100% (QA)
1 Start by closing revenues Date December 31 Debit Sales Revenue Ac 440... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
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