Question
Please help me with this :) On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information. Income
Please help me with this :)
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information.
Income Statement Section | Debit | Credit | ||||
Income Summary | $ | 38,200 | $ | 41,500 | ||
Sales | 252,500 | |||||
Sales Returns and Allowances | 3,700 | |||||
Sales Discounts | 2,700 | |||||
Interest Income | 150 | |||||
Purchases | 134,000 | |||||
Freight In | 2,000 | |||||
Purchases Returns and Allowances | 1,800 | |||||
Purchases Discounts | 1,490 | |||||
Rent Expense | 8,300 | |||||
Utilities Expense | 2,890 | |||||
Telephone Expense | 1,500 | |||||
Salaries Expense | 65,700 | |||||
Payroll Taxes Expense | 5,230 | |||||
Supplies Expense | 1,660 | |||||
Depreciation Expense | 2,300 | |||||
Interest Expense | 300 | |||||
Totals | $ | 268,480 | $ | 297,440 | ||
Assume further that the owner of the firm is John Capeletti and that the John Capeletti, Drawing account had a balance of $26,000 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.
Side note: Please only use these terms.
Depreciation expense
Freight in
Income summary
Interest expense
Interest income
John Capeletti, Capital
John Capeletti, Drawing
Payroll taxes expense
Purchases
Purchases discounts
Purchases returns and allowances
Rent expense
Salaries expense
Sales
Sales discounts
Sales returns and allowances
Supplies expense
Telephone expense
Utilities expense
Journal entry worksheet 2 3 4 Prepare the closing entry for revenue and other credit items. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 1 Prepare the closing entry for expenses and other debit items. Note: Enter debits before credits. Date General Journal Credit Debit Dec 31, 2019 Journal entry worksheet 2 3 4 1 Prepare the closing entry for the balance of income summary. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 Prepare the closing entry for the drawing account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019 View general journal Record entry Clear entryStep by Step Solution
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