Question
he following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Cash..................................$1000 Merchandise Inventory......12,500 Store supplies...................5,800 Prepaid Insurance............2,400 Store equipment...............42,900 Accumulated depreciation -
he following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Cash..................................$1000 Merchandise Inventory......12,500 Store supplies...................5,800 Prepaid Insurance............2,400 Store equipment...............42,900 Accumulated depreciation - Store equipment...................$15,250 Accounts payable..............................................................10,000 Common Stock..................................................................5,000 Retained Earnings..............................................................27,000 Dividends.............................................2,200 Sales.................................................................................111,950 Sales discounts................................2,000 Sales returns and allowances..........2,200 Cost of goods sold............................38,400 Depreciation express- Store equipment......0 Salaries expense................................35,000 Insurance expense............................0 Rent expense....................................15,000 Store supplies expense......................0 Advertising expense.........................9,800 Totals......................................................$169,200.........................169,200 1. Record the entry to close income statement accounts with debit balances. 2.Record the entry to close income summary. 3.Record the entry to close the withdrawals account.
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