Question
table[[Account Title,Debits,Credits],[Retained earnings,,89,000],[Sales revenue,,840,000],[Interest revenue,,7,500],[Cost of goods sold, $465,000 ,],[Salaries expense,190,000,],[Rent expense,24,000,],[Depreciation expense,39,000,],[Interest expense,5,900,],[Insurance expense,6,900,]] Required: Prepare the necessary closing entries on December 31,2024.
\ \\\\table[[Account Title,Debits,Credits],[Retained earnings,,89,000],[Sales revenue,,840,000],[Interest revenue,,7,500],[Cost of goods sold,
$465,000
,],[Salaries expense,190,000,],[Rent expense,24,000,],[Depreciation expense,39,000,],[Interest expense,5,900,],[Insurance expense,6,900,]]\ Required:\ Prepare the necessary closing entries on December 31,2024.\ Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.\ Journal entry worksheet\ 12\ Record the entry to close the revenue accounts.\ Note: Enter debits before credits.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started