I need help with adjusting entries in Quickbooks.

Cost of Goods Sold

QuickBooks automatically debits cost of goods sold and credits inventory for the product cost for each sale. The inventory account is also automatically updated for inventory purchases and purchases returns. Therefore, the QuickBooks data does not include the following accounts from the SUA: A/C #30500 (Purchases) and A/C #30600 (Purchase Returns and Allowance).

Waren treats purchase discounts taken and freight-in as a part of cost of goods sold, but records them in separate accounts during the accounting period. Therefore, these two accounts must be closed to A/C #30400 (Cost of Goods Sold): A/C #30700 (Purchases Discounts Taken) and A/C #30800 (Freight-In). ?

Before preparing the general journal entry, determine the balance in each account being closed to cost of goods sold.

Determine the balance in the accounts to be closed by examining the income statement.

Income Statement January through December 2017 Jan - Dec 17 Ordinary Income/ Expense Income 30100 . Sales 1,552,838.80 30200 . Sales Returns and Allowances -61, 106.00 30300 . Sales Discounts Taken -15,301.32 31000 . G/L on Sale of Mkt. Securities 1,360.00 31100 . Interest/Dividend Income 1,000.00 31200 - Miscellaneous Revenue 825.00 Total Income 1,479,616.48 Cost of Goods Sold 30400 . Cost of Goods Sold 988,439.81 30700 - Purchases Discounts Taken -16,283.60 30800 - Freight-in 24.506.44 Total COGS 996.662.65 Gross Profit 482.953.83 Expense 40100 . Rent Expense 57.600.00 40200 . Advertising Expense 22.275.00 40300 . Office Supplies Exponso 5.801 65 40500 - Wages and Salaries Exponso 140,776.23 40600 . Payroll Tax Expense 11.620.60 40800 . Interest Expense 0.00 40900 - Bad Debt Expense 4.400.00 41000 . Other Operating Expense 36.675.75 Total Expense 279.149.23 Net Ordinary Income 203.804.60 Net Income 203,804.60