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 30200 - Sales Returns and Allowances 30300 Sales Discounts Taken 31000 G/L on Sale of Mkt. Securities 31100 . Interest/Dividend Income 31200 - Miscellaneous Revenue 1,552,838.80 -61, 106.00 -15, 301.32 1,360.00 1,000.00 825.00 Total Income 1,479,616.48 Cost of Goods Sold 30400 - Cost of Goods Sold 30700 - Purchases Discounts Taken 30800 . Freight-in 988,439.81 -16,283.60 24,506.44 Total COGS 996.662.65 Gross Profit 482,953.83 Expense 40100 . Ront Expenso 40200 - Advertising Expenso 40300. Office Supplies Expense 40500 - Wages and Salaries Expenso 40600. Payroll Tax Expense 40800 . Interest Expense 40900 - Bad Debt Expenso 41000. Other Operating Expense Total Expense Net Ordinary Income 57,600.00 22,275.00 5,801.65 140.776.23 11,620,60 0.00 4,400.00 36,675.75 279,149.23 203,804.60 203,804.60 Net Income Income Statement January through December 2017 Jan - Dec 17 Ordinary Income/Expense Income 30100 - Sales 30200 - Sales Returns and Allowances 30300 Sales Discounts Taken 31000 G/L on Sale of Mkt. Securities 31100 . Interest/Dividend Income 31200 - Miscellaneous Revenue 1,552,838.80 -61, 106.00 -15, 301.32 1,360.00 1,000.00 825.00 Total Income 1,479,616.48 Cost of Goods Sold 30400 - Cost of Goods Sold 30700 - Purchases Discounts Taken 30800 . Freight-in 988,439.81 -16,283.60 24,506.44 Total COGS 996.662.65 Gross Profit 482,953.83 Expense 40100 . Ront Expenso 40200 - Advertising Expenso 40300. Office Supplies Expense 40500 - Wages and Salaries Expenso 40600. Payroll Tax Expense 40800 . Interest Expense 40900 - Bad Debt Expenso 41000. Other Operating Expense Total Expense Net Ordinary Income 57,600.00 22,275.00 5,801.65 140.776.23 11,620,60 0.00 4,400.00 36,675.75 279,149.23 203,804.60 203,804.60 Net Income