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. Before closing journal entries, Entity T had the following balances at December 31, 2019: Sales revenue $65,000 Cost of goods sold 40,000 Salaries expense
. Before closing journal entries, Entity T had the following balances at December 31, 2019:
Sales revenue | $65,000 |
Cost of goods sold | 40,000 |
Salaries expense | 5,000 |
Rent expense | 3,000 |
Other expenses | 2,000 |
Retained earnings before closing | 21,000 |
- Prepare journal entries to close revenue and expense accounts.
- Journal entry to close expense accounts
- Income summary account before the balance transfer to retained earnings
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