Closing entries In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the general ledger accounts. This step must be completed to prepare the accounts for the next accounting period. Instructions for closing entries 1) Record closing entries in the general journal. Note that the business does not use a Cost of Goods Sold account so all accounts that are used to calculate cost of goods sold need to be closed directly to the Income Summary account. Remember that after performing a physical count of inventory, the balance of inventory on hand as at June 30 is $60,333 2) Post the closing entries from the general journal to the relevant general ledger accounts 3) Record the final closing balance of each ledger account in the Post-Closing Balance row of each ledger, even for ledgers with a balance of zero. Although each ledger already has a running balance, the Post-Closing Balance row must still be filled out in order receive full points. Back-on-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Remember: Enter all answers to the nearest whole dollar. You are also required to apply the Journals and ledgers instructions provided in previous weeks Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. General Journal Subsidia General Ledger Show All Jouma eCI GENERAL JOURNAL Post Date Account and Explanation Debit Credit Ref Jun 30 Income Summary Merchandise Inventory select select select select select select