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Date Account Titles and Explanation Dec. 31 Sales Revenue Income Summary (To close revenue account) Dec. 311 Income Summary Cost of Goods Sold Dec
Date Account Titles and Explanation Dec. 31 Sales Revenue Income Summary (To close revenue account) Dec. 311 Income Summary Cost of Goods Sold Dec 31 Advertising Expense Salaries and Wages Expense-Administrative Salaries and Wages Expense-Sales Supplies Expense Insurance Expense Bad Debt Expense Depreciation Expense Interest Expense (To close expense accounts) Income Summary Retained Earnings (To close net income/(loss)) Debit 653031 Credit 653031 435600 7240 61020 64122 5480 2698 1277 14000 3389
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