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Please do requirements 1 and 2 Reckman RV Center's accounting records include the following accounts at December 31, 2024 Click the icon to view the
Please do requirements 1 and 2
Reckman RV Center's accounting records include the following accounts at December 31, 2024 Click the icon to view the accounts and balances.) Requirements 1. Joumalize the required closing entries for Reckman 2. Determine the ending balance in the Retained Earnings account Requirement 1. Joumalize the required closing entries for Reckman. (Record debits first, then credits. Select the explanation on the last line of the journal en Start by closing the revenue accounts for the period. Do not close expenses, we will do this in the next stop. Accounts and Explanation Debit Dec. 31 Date Credit Data Table $ 375,000 Accumulated Depreciation Building Cash Cost of Goods Sold Accounts Payable Rent Expense Building Common Stock Retained Earnings Merchandise Inventory Estimated Returns Inventory Notes Receivable 21,000 30,000 111,000 135,000 Sales Revenue Depreciation Expense Building Dividends $ 42,000 46,000 665,000 11,000 57,000 13,000 21,800 240,000 Interest Revenue Refunds Payable Sales Discounts Forfeited Delivery Expense 1,800 4,700 1,500 1,200 31,000 Requirements 1. Journalize the required closing entries for Reckman. 2. Determine the ending balance in the Retained Earnings account Step by Step Solution
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