Cost of goods sold closing entry:

Quickbooks automatically debits COGS and credits inventory for the product cost for each sale. The inventory account is also automatically updated for inventory purchases and purchases returns. Therefore, the Quickbooks data does not include the following accounts from the SUA: A/C #30500 (Purchases) and A/C #30600 (Purchase Returns and Allowance). Warren treats purchase discounts taken and freight-in as a part of COGS, but records them in seperate accounts during the accounting period. Therefore, these two accounts must be closed to A/C #30400 (COGS): A/C #30700 (Purchases Discounts Taken) and A/C #30800 (Freight-In).

*Before preparing the general journal entry, determine the balance in each account being closed to COGS. Determine the balance in the accounts to be closed by examining the income statement

What would be the closing entry I put in quickbooks and which numbers would I use on the income statement? (income statement below)

2:43 PM 12/15/17 Accrual Basis Vesque Waren Sports Supply Income Statement January through December 2017 Jan - Dec 17 Ordinary Income/Expense Income 30100 - Sales 30200 - Sales Returns and Allowances 30300 Sales Discounts Taken 31200. Miscellaneous Revenue 1,590,883.00 -61, 106.00 -15,405.82 825.00 Total Income 1,515,196.18 Cost of Goods Sold 30400. Cost of Goods Sold 30700 . Purchases Discounts Taken 30800 . Freight-in 1,018,428.00 -16,554.48 24,506.44 1,026,379.96 Total COGS Gross Profit 488,816.22 Expense 40100 . Rent Expense 40200 - Advertising Expense 40300. Office Supplies Expense 40400 Depreciation Expense 40500. Wages and Salaries Expense 40600. Payroll Tax Expense 40800 . Interest Expense 40900. Bad Debt Expense 41000 . Other Operating Expense 57,600.00 22,275.00 5,664.91 35,023.64 140,663.35 11,611.24 106.85 7,430.39 29,285.75 309,661.13 Total Expense Net Ordinary Income 179, 155.09 Net Income 179,155.09