Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help filling out the table, I dont understand it and its due tonight. Please help! Thank you! On December 31, 2019, the income Statement
Need help filling out the table, I dont understand it and its due tonight. Please help! Thank you!
On December 31, 2019, the income Statement section of the worksheet for Capeletti Distributors contained the following information Debit Credit $ 37,780 $ 41,080 250,000 3,450 2,450 133,500 1,750 Income Statement Section Income Summary Sales Sales Returns and Allowances Sales Discounts Interest Income Purchases Freight In Purchases Returns and Allowances Purchases Discounts Rent Expense Utilities Expense Telephone Expense Salaries Expense Payroll Taxes Expense Supplies Expense Depreciation Expense Interest Expense Totals 1,550 1,440 8,050 2,840 1,450 65,200 5,180 1,610 2,050 250 $265, 480 $294,115 Assume further that the owner of the firm is John Capeletti and that the John Capeleri, Drawing account had a balance of $25,750 on December 21 2019 Assume further that the owner of the firm is John Capeletti and that the John Capeleri, Drawing account had a balance of $25,750 on December 31, 2019 Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts View transaction list Journal entry worksheet 2 3 4 Prepare the closing entry for revenue and other credit items Notes Unter debits before credits. General Journal Debit Credit Dec 31, 2019 View transaction list Journal entry worksheet 3 4 Prepare the closing entry for expenses and other debit items. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2019 Prepare the closing entry for expenses and other debit items. Note: Enter debits before credits. General Journal Debit Credit : Date Dec 31, 2019 Record entry View View transaction list Journal entry worksheet Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started