Complete Closing Journal Entries

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Journal Entries Account Name DR CR c1 8 8 8 8 8 8 8 8 8 8 To close the income statement accounts c2 Dr. To close the Dividends account Accounts Number Title 100 Cash 110 Accounts Receivable 115 Allowance for Bad Debts 120 Inventory 130 Notes Receivable 135 Accumulated Depreciation 140 Equipment 160 Buildings 170 Land 180 Patents 185 Accumulated Amortization 190 Interest Receivable 195 Prepaid Insurance Expense 200 Accounts Payable 205 Unearned Rent Revenue 300 Common Stock 305 APIC - Common Stock 340 Retained Earnings General Ledger Debit Credit 475,800 806,000 15,094 114,465 10,000 41,400 341,500 362,500 415,835 50,000 467 8,500 300,450 120,400 775,600 873,230 745,000 467 6,000 4,000 3,380 400 Sales Revenue 410 Interest Revenue 405 Rent Revenue 415 Loss on Sale of Equipment 500 Cost of Goods Sold 510 Depreciation Expense 518 Amortization Expense 520 Bad Debt Expense 540 Salaries Expense 560 Insurance Expense 580 Sales Returns and Allowances 599 Income Tax Expense 600 Dividends Total 3,000 13,594 384,000 25,500 1,300 2,000 8,000 2,979,841 2,927,641