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I need help with the closing entries Return to question For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required
I need help with the closing entries
Return to question For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries No Date Account Title Credit Jan 31 Store supplies expense 4.200 3 points 4,200 Store supplies Jan 31 | 1540 Insurance expense Prepaid insurance ,540 Jan 31 Depreciation expense-Store equip 6,600 Accumulated depreciation -Store equip 6,600 Jan 31 Cost of goods sold 650 Merchandise inventory 650 Jan 31 119,000 Sales Income summary 119,000 Income summary 65,940 Depreciation expense Store equip Salaries expense Insurance expense Rent expense Store supplies expense 6,600 31,000 1.540 12.400 ? 4.200 10,200 Jan 31 53,060 53,060 income summary J. Nelson, Capital 53,060 Jan 31 J. Nelson, Capital 5300 J. Nelson, Withdrawals 5,300 Return to question For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries No Date Account Title Credit Jan 31 Store supplies expense 4.200 3 points 4,200 Store supplies Jan 31 | 1540 Insurance expense Prepaid insurance ,540 Jan 31 Depreciation expense-Store equip 6,600 Accumulated depreciation -Store equip 6,600 Jan 31 Cost of goods sold 650 Merchandise inventory 650 Jan 31 119,000 Sales Income summary 119,000 Income summary 65,940 Depreciation expense Store equip Salaries expense Insurance expense Rent expense Store supplies expense 6,600 31,000 1.540 12.400 ? 4.200 10,200 Jan 31 53,060 53,060 income summary J. Nelson, Capital 53,060 Jan 31 J. Nelson, Capital 5300 J. Nelson, Withdrawals 5,300Step by Step Solution
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