The following is Glueman Industries' adjusted trial balance in account order for the year ended May $31,2018.$

Glueman

Adjusted Trial Balance

May $31,2018$

Account Titles DR CR

Cash $$3,630$

Accounts Receivable $$2,780$

Merchandise Inventory $$17,920$

Prepaid Rent $$8,640$

Equipment $$43,070$

Accumulated Depreciation $$960$

Accounts Payable $$2,120$

Unearned Revenue $$1,710$

Salaries Payable $$2,470$

Kiefer, Capital $$65,680$

Sales Revenue $$78,560$

Sales Discounts $$1,110$

Sales Returns and Allowances $$330$

Cost of Goods Sold $$39,280$

Depreciation Expense $$1,920$

Rent Expense $$9,160$

Salaries Expense $$15,440$

Utilities Expense $$8,220$

Total $$151,500$ $$151,500$

Do not enter dollar signs or commas in the input boxes.

When closing accounts, use the income summary method.

To close the expense accounts, enter them in the order presented on the trial balance.

Prepare the journal entries to close the appropriate accounts.

Date Account Title and Explanation Debit Credit

$2018$

May $31$ Answer

Sales Revenue

Answer

$78560$

Answer

Income Summary

Answer

$78560$

Close revenue accounts

May $31$ Answer

Income Summary

Answer

Answer

Sales Discounts

Answer

$1110$

Answer

Sales Returns and Allowances

Answer

$330$

Answer

Cost of Goods Sold

Answer

$39280$

Answer

Depreciation Expense

Answer

$1920$

Answer

Rent Expense

Answer

$9160$

Answer

Salaries Expense

Answer

$15440$

Answer

Utilities Expense

Answer

$8220$

Close expense accounts

May $31$ Answer

Income Summary

Answer

Answer

Kiefer, Capital

Answer

Close income summary account