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Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manuallyIf no entry is required, select No entry
Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manuallyIf no entry is required, select "No entry for the account titles and enter for the amounts) No. Date Account Titles and Explanation Debit Credit 1 Nov. 30 (To close accounts with credit balances.) 2 Nov. 30 DUDA (To close accounts with debit balances) 3 NOV 39 DO To close net income/U011.) The trial balance of Bramble Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. BRAMBLE FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Credit Cash $33,320 Accounts Receivable 37,090 Inventory 48,390 Supplies 8,890 Equipment 139.780 $26,460 54,390 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings 51.890 93,390 11.390 Sales Revenue 765.210 Sales Returns and Allowances 4.200 495,400 Cost of Goods Sold Salaries and Wages Expense Advertising Expense 138,480 27.630 Utilities Expenses 15.520 Maintenance and Repairs Expense 12.100 Delivery Expense 16.700 Rent Expense 25230 Total 51.002.730 $1002730 Totals $1,002,730 $1,002,730 Adjustment data: 1. 2. Supplies on hand totaled $4,890. Depreciation is $16,845 on the equipment Interest of $10,310 is accrued on notes payable at November 30, 3. Other data 1. Salaries expense is 70% selling and 30% administrative, 2. Rent expense and utilities expenses are 80% selling and 20% administrative, 3 $30.000 of notes payable are due for payment next year. 4 Maintenance and repairs expense is 100% administrative
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