The following amounts appeared in the Income Statement section of Sunset Surfwear’s work sheet.

Instructions 

In your working papers, re cord the closing entries for the year ended December 31. Start with general journal page shown below. 

Transcribed Image Text:

ACCT. NO. 13 310 Income Summary 14 401 Sales 15 405 Sales Discounts 16 410 Sales Returns and Allowances 17 501 Purchases 18 505 Transportation In 19 510 Purchases Discounts 20 515 Purchases Returns and Allowances 21 625 Federal Corporate Income Tax Exp. 22 635 Insurance Expense 23 650 Miscellaneous Expense 24 655 Rent Expense 25 665 Supplies Expense 26 675 Utilities Expense 27 28 Net Income 29 30 ACCOUNT NAME INCOME STATEMENT CREDIT DEBIT 700000 9000000 100000 240000 25 00000 3 00000 50000 150000 553200 30000 6 00000 1200000 45000 1400000 69 68200 99 00000 2931800 9900000 9900000