Create closing journal entry.

Income Summary retained earnings 1500 b/d Sales Revenue 83 70 20 income summary 28500 22500 Accounts receivable 400 Unearned revenue 6000 6000 b/d I 6000 Unearned revenue 500 Sales revenue 3000 1784.8 Sales Return and Allowance Interest payable 150 Interest expenses Accounts receivable 3000 3000 income summary 1300 10 Sales Discount Accounts receivable 60 income summary 13 co Interest revenue 20 14 18000 b/d Inventory 10250 1880 Inventory I 8370 income summary bld 20 Bad debts recovered 16 17 Income summary 400 400 cash I Accounts payable Utility expenses 14100 1300 b/d 19 Contributed capital Accounts payable 400 400 income summary 1300 14100 Inventory 15000 b/d I cash 4400 4400 Inventory Insurance expense 400 utility expenses 21 15000 b/d Icash 500 500 income summary Retained earnings 400 b/d 23 24 Dividends Declared 500 4860 b/d wages expenses Goto setting Cash 1500 3000 income summary Accounts receivable 10355 Income summa 1500 b/d 9510 2000 Notes receivable wages payable 26 Sales Return and Sales Revenue Bad debts expenses 700 Allowance for D.A Rent Expenses 1785 1784.8 income summary Cash 1300 1300 income summary 60 Sales Discount 29 Allowance for D.A 30 Interest revenue b/d 22310 ance for D.A 31 700 b/d Income summary 20 20 Interest receivable 32 Accounts receivable 1784.8 Bad debts expenses 33 Interest expenses 1784.8 b/d Interest payable 150 150 income summary 35 36 ventory Cash 37 b/d(30 2730 10250 COGS(110) b/d 38 Accounts payable(150) 14100 33620 500 Insurance expenses Accounts receivable 3940 1500 Wages expenses 39 COGS 1880 40 Accounts payable (50) Bad debts recovered 400 14100 Accounts pavable 41 cash 100 1300 Rent Expenses 1300 Accounts payable 43 b/d 12960 100 Inventory Notes receivable 500 Dividends Declared 45 Accounts receivable 4400 Accounts payable b/d 14260 Activate Window Goto 47 b/d