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Nicholas Company had the following Adjusted Trial Balance for the month ended May 3 1 , 2 0 1 table [ [ table
Nicholas Company had the following Adjusted Trial Balance for the month ended May tabletableNicholas CompanAdjusted Trial BalarMay Account Names,Debit,CreditCarh$Petty Cash Fund,Accounts Receivable,Merchandise Inventory, Store Supplies,Office Supplies,Prepaid Insurance,LandForkliftAccumulated Depreciation, Forklift,,$Delivery Truck,Accumulated Depreciation, Delivery Truck,,Accounts Payable,,Salaries Payable,,Unearned Sales Revenue,,Notes Payable LongTermNicholas Ram Capital,,Nicholas Ram Drawings,Sales Revenue,,Sales Discounts,Sales Returns and Allowances,PurchasesPurchases Discounts,,Purchases Returns and Allowances,,FreightinSalaries Expense,Utilities Expense,Repair Supplies Expense,Postage Expense,Rent Expense,Depreciation Expense, Delivery Truck,Depreciation Expense, Forklift,Office Supplies Expense,Insurance Expense,Cash Shart & Over,Interest Expense,Interest Reverue,,Totals$$ Ending Merchandise Imventory $ Part Prepare the Closing Entries for Nicholas Company. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not use dollar signs $ when To close beginning inventory and other income statement accounts with debit balances To record the ending inventory and close the other income statement accounts with credit balances To close the income summary account To close the drawings account To close the drawings account
Nicholas Company had the following Adjusted Trial Balance for the month ended May
tabletableNicholas CompanAdjusted Trial BalarMay Account Names,Debit,CreditCarh$Petty Cash Fund,Accounts Receivable,Merchandise Inventory, Store Supplies,Office Supplies,Prepaid Insurance,LandForkliftAccumulated Depreciation, Forklift,,$Delivery Truck,Accumulated Depreciation, Delivery Truck,,Accounts Payable,,Salaries Payable,,Unearned Sales Revenue,,Notes Payable LongTermNicholas Ram Capital,,Nicholas Ram Drawings,Sales Revenue,,Sales Discounts,Sales Returns and Allowances,PurchasesPurchases Discounts,,Purchases Returns and Allowances,,FreightinSalaries Expense,Utilities Expense,Repair Supplies Expense,Postage Expense,Rent Expense,Depreciation Expense, Delivery Truck,Depreciation Expense, Forklift,Office Supplies Expense,Insurance Expense,Cash Shart & Over,Interest Expense,Interest Reverue,,Totals$$
Ending Merchandise Imventory $
Part
Prepare the Closing Entries for Nicholas Company. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not use dollar signs $ when
To close beginning inventory and other income statement accounts with debit balances
To record the ending inventory and close the other income statement accounts with credit balances
To close the income summary account
To close the drawings account
To close the drawings account
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