Elsie's Electronics September 30, 2020

Presented below are the balances from Elsie's Electronics Ltd's general ledger as at September 30, 2020: DR CR 26,000 34,000 64,000 331,000 Cash Accounts receivable Inventory Equipment Accumulated depreciation, equipment Accounts payable Bank loan payable Unearned revenue Common shares Retained earnings Dividends declared Sales revenue Interest revenue Cost of goods sold Wages expense Rent expense Depreciation expense 140,000 124,000 74,000 23,000 10,000 63,000 17,000 493,000 2,000 315,000 68,000 29,000 45,000 Prepare the necessary closing entries for Elsie's Electronics at September 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit Date Account Titles and Explanation Sept. Sales Revenue 30 Intrest Revenue 25500 4500 530000 Income Summary (To close accounts with a credit balance) Income Summary Sept. 30 459000 COGS 319000 Salary and Wages 70000 Rent Expense 29000 41000 Dep. Exp. (To close accounts with a debit balance) Sept. 30 Income Summary 71000 71000 Retained Earnings (To close income summary account) Retained Earnings Sept. 30 16000 16000 Dividends (To close dividend account) Determine the closing Retained Earnings account balance. Retained earnings account closing balance $ $ 121000