General Journal FY 21 a Cash 15,000 Paid in Capital 15,000 FY 21 b Inventory 10,000 Cash 5,000 Accounts Payable 5,000 FY 21 Cash 9,400 Sales Revenue 9,400 Cost of goods sold 5,000 Inventory 5,000 FY 21 d Account Receivable 3,600 Revenue 3,600 FY 21 e Wage expense 1,800 Cash 1,800 FY 21 f Owners Draw 2,000 Cash 2,000 FY 21 g Utility Expense 500 Cash 500 FY 21 h Cash 3,600 Accounts Recievable 3,600 CLOSING ENTRIES DEC 31 Revenue 9,400 Retained Earnings 9,400 DEC 31 Retained Earnings 7,300 Expenses 7,300 DEC 31 Income summary 2,100 Retained earnings 2,100 DEC 31 Retained earnings 2,000 Owners Draw 2,000 POST these Closing JEs to the General Ledger (T-Accounts) update the Balance Sheet if needed General Ledger CASH Assets = Liabilities + Equity Accounts Payable Paid in Capital Revenue - Sales COGS Accounts Receivable Notes Payable Retained Earnings Operating Expenses (utilities, wages, etc.) Inventory 0 0 Owner Draw/Div