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Need help with closing entries. ADJUSTED INCOME BALANCE ACCT ACCOUNT YEAR-END ADJUSTMENTS TRIAL BALANCE STATEMENT SHEET NO. TITLE ID # DEBIT ID # CREDIT DEBIT

Need help with closing entries.

ADJUSTED

INCOME

BALANCE

ACCT

ACCOUNT

YEAR-END ADJUSTMENTS

TRIAL BALANCE

STATEMENT

SHEET

NO.

TITLE

ID #

DEBIT

ID #

CREDIT

DEBIT

CREDIT

DEBIT

CREDIT

DEBIT

CREDIT

ASSETS

10100

Cash

93,304.29

93,304.29

10200

Accounts receivable

48,149.00

48,149.00

10300

Allowance for doubtful accounts

3,028.74

1,879.55

1,879.55

10400

Inventory

90,286.00

191,967.00

191,967.00

10600

Marketable securities

24,000.00

24,000.00

10800

Fixed assets

331,731.40

331,731.40

10900

Accumulated depreciation

35,023.64

116,583.14

116,583.14

LIABILITIES

20100

Accounts payable

7,952.01

7,952.01

20300

Federal income taxes withheld

1,450.00

1,450.00

20400

State unemployment taxes payable

110.44

110.44

20500

Federal unemployment taxes payable

18.67

18.67

20600

F.I.C.A. taxes payable

2,229.32

2,229.32

20700

Federal incomes taxes payable

54,837.12

54,837.12

54,837.12

20900

Interest payable

156.16

156.16

156.16

21000

Notes payable

60,000.00

60,000.00

STOCKHOLDERS' EQUITY

26000

Common stock

225,000.00

225,000.00

29000

Retained earnings

90,264.99

90,264.99

REVENUE AND GROSS PROFIT

30100

Sales

1,590,883.00

1,590,883.00

30200

Sales returns and allowances

61,106.00

61,106.00

30300

Sales discounts taken

15,405.82

15,405.82

30400

Cost of goods sold

1,026,379.96

1,026,379.96

1,026,379.96

30500

Purchases

1,128,159.00

0.00

0.00

30600

Purchases returns and allowances

19,445.00

0.00

0.00

30700

Purchases discounts taken

16,554.48

0.00

0.00

30800

Freight-in

24,506.44

0.00

0.00

31200

Miscellaneous revenue

825.00

825.00

EXPENSES

40100

Rent expense

57,600.00

57,600.00

40200

Advertising expense

22,275.00

22,275.00

40300

Office supplies expense

5,664.91

5,664.91

40400

Depreciation expense

35,023.64

35,023.64

35,023.64

40500

Wages and salaries expense

140,663.35

140,663.35

40600

Payroll tax expense

11,611.26

11,611.26

40700

Federal income tax expense

54,837.12

54,837.12

54,837.12

40800

Interest expense

156.16

156.16

156.16

40900

Bad debt expense

3,028.74

3,028.74

3,028.74

41000

Other operating expense

0.00

29,285.75

29,285.75

Sub-totals

1,463,037.71

1,591,708.00

689,151.69

560,481.40

Net Income (Loss)

--------

-----------------

--------

-----------------

-----------------

-----------------

128,670.29

128,670.29

TOTALS

1,245,711.10

1,245,711.10

2,152,189.40

2,152,189.40

1,591,708.00

1,591,708.00

689,151.69

689,151.69

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