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requirment 2 only, I'm just missing an account name. 1- what is the name of the account that would be credited to record closing entry
requirment 2 only, I'm just missing an account name. 1- what is the name of the account that would be credited to record closing entry for revenue. 2- what the name of account to debit the closing entry for Expenses? (income summary is not it) The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is Account Title Debits Credits Cash 14,600 345,000 14,500 54,000 640,000 Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable 266,000 78,000 72,000 7,800 2,400 Common stock 400,000 Retained earnings 165,000 780,000 Sales revenue Cost of goods sold Salaries expense 468,000 117,000 43,500 64,000 4,800 5,800 Rent expense Depreciation expense Interest expense Advertising expense 1,771,200 1,771,200 Totals Required: 1-a. Prepare an income statement for the year ended December 31, 2021. 1-b. Prepare a classified balance sheet as of December 31, 2021. 2. Prepare the necessary closing entries at December 31, 2021. Journal entry worksheet Record the entry to close the revenue accounts using the income summary. Note: Enter debits before credits. Debit Credit General Journal Date December 780,000 Sales revenue 31, 2021 780,000 Journal entry worksheet 2 Record the entry to close the expense accounts using the income summary. Note: Enter debits before credits. Date General Journal Debit Credit December 754,800 31, 2021 Cost of goods sold 468,000 Advertising expense 58,000 117,000 Salaries expense 43,500 Rent expense 64,000 Depreciation expense 4,800 Interest expense
requirment 2 only, I'm just missing an account name. 1- what is the name of the account that would be credited to record closing entry for revenue. 2- what the name of account to debit the closing entry for Expenses? (income summary is not it)
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