Question
The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $225,000; sales revenue, $800,000; cost of
The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $225,000; sales revenue, $800,000; cost of goods sold, $500,000; salaries expense, $185,000; rent expense, $41,000; and interest expense, $16,000. Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. Record the entry to close the revenue accounts using the income salary.
2. Record the entry to close the expense accounts using the income summary.
3. Record the entry to close the income salary account.
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