Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help with journalizing Presented below are selected account balances for Bonita Co. as of December 31, 2020. Inventory 12/31/20 $61,120 Cost of Goods Sold

please help with journalizing
image text in transcribed
Presented below are selected account balances for Bonita Co. as of December 31, 2020. Inventory 12/31/20 $61,120 Cost of Goods Sold $228,331 Common Stock 74,240 Selling Expenses 16,210 Retained Earnings 45,290 Administrative Expenses 37,930 Dividends 17,945 Income Tax Expense 30,410 Sales Returns and Allowances 12,050 Sales Discounts 14,730 Sales Revenue 405,490 Prepare closing entries for Bonita Co. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent No. Account Titles and Explanation Debit Credit 1. Sales Revenue 405490 Income Summary 405490 (To close accounts with credit balances) 2. Income Summary. 285521 Income Tax Expense 37930 Administrative Expenses 30410 Selling Expenses 16210 Cost of Goods Sold 228331 Sales Discounts 14730 Sales Returns and Allowances 12050 (To close accounts with debit balances) 3. Income Summary 119969 Retained Earmings 119969 (To close net income/(loss) 4. Retained Earmings 17945 Dividends 17945 (To close dividends)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using QuickBooks Online For Accounting 2022

Authors: Glenn Owen

5th Edition

0357516532, 9780357516539

More Books

Students also viewed these Accounting questions

Question

Is there any other possible conclusion?

Answered: 1 week ago

Question

5 What does it mean to think of an organisation as an open system?

Answered: 1 week ago