fill in the journal

Required information With a perpetual system, it is sometimes necessary to make an adjustment for inventory shrinkage, which is normally charged to Cost of Goods Sold. New revenue recognition rules require additional adjusting entries that are explained in the appendix. Temporary accounts closed to Income Summary for a merchandiser include Sales, Sales Discounts, Sales Returns and Allowances, and Cost of Goods Sold. Knowledge Check 01 The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $63,500; Dividends, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000; Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances Prepare the second closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns. View transaction list Journal entry worksheet