a.You will have (5) closing entries.They include the following:

i.Closing Entry #1:Close ALL revenues to Income Summary.The credit to Income Summary will therefore represent Sales Rev + Service Rev + Interest Rev for the period.

ii.Closing Entry #2:Close ALL expenses to Income Summary.Every individual expense, loss, sales returns & discounts account must be closed out with a credit, and the sum of all expenses/losses/returns & discounts can then be debited to your Income Summary in this entry.

iii.Closing Entry #3:Take the difference between the credit posted to Income Summary (Closing Entry #1) less the debit posted to Income Summary (Closing Entry #2) to close out the Income Summary account and permanently move NI to R.E.

iv.Closing Entry #4:Close out the dividend directly to R.E.

v.Closing Entry #5:Close the Unrealized Gain-AFS (the account title that appears on your Comprehensive Income Statement) to Accumulated Other Comprehensive Income (the equity account on the balance sheet).This closes out your Other Comprehensive Income (OCI) account & transfers its balance to your permanent Balance Sheet account "Accumulated Other Comprehensive Income".Just like NI is permanently closed into Retained Earnings, your OCI items from the current year also need to be closed out and permanently stored in the Accumulated OCI account under Stockholder's Equity on your Balance Sheet.

CAn someone make closing entries based on the info below

ACC340 case 1 (2) Q Search Sheet Home Insert Page Layout Formulas Data Review View Acrobat "+ Share ^ 2 . A- A- Number Insert Arial E . Delete Paste B E $ % " $68 08 Conditional Format Cell Create and Share Formatting as Table Styles Format Sort & Filter Adobe PDF Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates B14 X V fx 332983 A B C D E F G H K L M N O P Q R S General Ledger Account Name Trial Balance Before Adj 12/31/x1 AJEs at 12/31/x1 Trial Balance After Adj 12/31/x1 Closing Entries Post-Closing T/B 12/31/x1 Debit Credit Debit Credit Debit Credi Debit Credit Debit Credit Cash and cash equivalents 92,063 92,063 92,063 4 Accounts Receivable 913,780 913,780 913,780 Allowance for doubtful accounts 29,462 36,510 65,972 65,972 6 Interest Receivable 3,500 17,600 21,100 21,100 Inventory 1,270,160 74,910 1,195,250 1,195,250 Prepaid expenses 26,774 14,034 12,740 12,740 Other Current Assets 16,063 16,063 16,063 10 Investments 160,500 160,500 160,500 11 Fair Value Adjustment 0 0 34,900 34,900 0 34,900 0 12 Notes Receivable 220,000 220,000 220,000 13 Building 876,418 876,418 876,418 14 Equipment and furniture 832983 332,98 332,983 15 Land 348,791 348,791 348,791 16 Accum Depr 656,465 60,470 716,935 716,935 17 Goodwill 493,951 493,951 493,951 18 Patents 217,000 32,300 184,700 184,700 19 Accounts Payable 1,169,343 1,169,343 1,169,343 20 Dividends payable 0 21 Interest payable 42,102 21,419 63,521 63,521 22 Unearned Consulting Revenue 261,220 182,854 78,366 78,366 23 Wages payable 81,350 45,700 127,050 127,050 24 Payroll taxes payable 8,850 2,910 11,760 11,760 25 Income tax payable 165,911 165,911 165,911 26 Long term liabilities 701,700 701,700 701,700 Common Stock 920,000 920,000 920,000 28 Paid-in capital common stock 105,000 105,000 105,000 29 Treasury Stock 400,000 400,000 400,000 30 Retained Earnings 539,069 220,000 319,069 319,069 31 Dividends 220,000 (220,000) (220,000) 32 Accum Other Comprehensive Income 0 0 0 0 0 0 33 Sales revenue 9.253.346 9.253.346 9,253,346 AFA ANA LAFA ASA AJE's and Closing Entries Trial Balance Balance Sheet Income Statement Comprehensive Inc Stmt SHE Stmt + Enter + 100%ACC340 case 1 (2) Q Search Sheet Home Insert Page Layout Formulas Data Review View Acrobat "+ Share ^ Number Insert Arial 2 . A- A- Delete Paste B $ ~ % " Conditional Format Cell Create and Share Formatting as Table Styles Format Sort & Filter Adobe PDF Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates B14 X V fx 332983 A B C D E F G H I J K L M N O P Q R S 32 Accum Other Comprehensive Income 0 0 0 0 0 33 Sales revenue 9,253,346 9,253,346 9,253,346 34 Service revenue 1,169,385 182,854 1,352,239 1,352,239 5 Interest Revenue 0 17,600 17,600 17,600 36 Sales returns 162,400 162,400 162,400 37 Sales discounts 269,662 269,662 269,662 38 Product cost of goods sold 6,384,590 74,910 5,459,500 5,459,500 39 Service cost of goods sold 570,811 570.811 570,811 40 Advertising Expense 159,080 159,080 159,080 41 Bad debt expense 36,510 36,510 36,510 42 Depreciation and amortization 92,770 92,770 92,770 43 Professional Dues & subscriptions 21,470 21,470 21,470 44 Gain/loss on disposal 4,790 4,790 4,790 45 Income tax expense 165,911 165,911 165,911 46 Insurance Expense 80,144 14,034 94, 178 94, 178 47 Interest expense 42,102 21,419 63,521 63,521 48 Legal and accounting fees 106,650 106,650 106,650 49 Miscellaneous 9,048 9,048 9,048 50 Office expense 220,114 220,114 220,114 51 Payroll taxes 136,975 2,910 139,885 139,885 52 Property taxes 104,570 104,570 104,570 53 Repair and maintenance 42,028 42,028 42,028 54 Research and development 470,680 470,680 470,680 55 Telephone 20,085 20,085 20,085 56 Travel and entertainment 38,391 38,391 38,391 57 Utilities Expense 47,049 47.049 47,049 58 Wage Expense 964,670 45,700 1,010,370 1,010,370 59 Salaries - Officers 710,000 710,000 710,000 60 Income Summary 61 Unrealized Gain/Loss-AFS 34,900 34,900 34,900 62 14,937,292 14,937,292 909,518 909,518 15,102,712 15,102,712 0 15,102,712 15, 102,712 63 64 AJE's and Closing Entries Trial Balance Balance Sheet Income Statement Comprehensive Inc Stmt SHE Stmt + Enter + 100%