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The following is Ponyman Industries' adjusted trial balance in account order for the year ended October 3 1 , 2 0 1 8 . Ponyman

The following is Ponyman Industries' adjusted trial balance in account order for the year ended October 31,2018.
Ponyman
Adjusted Trial Balance
October 31,2018
Account Titles DR CR
Cash $3,070
Accounts Receivable $2,790
Merchandise Inventory $17,030
Prepaid Rent $8,200
Equipment $43,140
Accumulated Depreciation $550
Accounts Payable $2,170
Unearned Revenue $2,320
Salaries Payable $2,980
Knope, Capital $62,405
Sales Revenue $78,990
Sales Discounts $1,450
Sales Returns and Allowances $360
Cost of Goods Sold $39,495
Depreciation Expense $1,100
Rent Expense $9,080
Salaries Expense $15,680
Utilities Expense $8,020
Total $149,415 $149,415
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
Oct 31 Answer
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Close revenue accounts
Oct 31 Answer
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Close expense accounts
Oct 31 Answer
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Close income summary account

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