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BE5.7 (LO 4), AP Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000.
BE5.7 (LO 4), AP Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these accounts to Income Summary under a perpetual inventory system. Prepare sales section of income statement
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