Week 3 Quiz Study Material is attached. I will upload the quiz when you are ready.

AM 3630 - Dealership Accounting Exercises Assume the following accounts have the balances indicated below. 3000 - New Car Sales - Retail (40,000.00) 4750 - Used Truck COS - Retail 45,000.00 7000 - Comm & Incentive - Salesperson 5,000.00 3750 - Used Truck Sales - Retail (65,000.00) 4000 - New Car COS - Retail 30,000.00 5400 - Parts Sales - Wholesale (5,000.00) 6400 - Parts COS - Wholesale 2,500.00 8500 - Utilities 2,500.00 8640 - Office Supplies 2,250.00 1. Please prepare the journal entries to close out the accounts 2. Please post the entries to the P&L Summary Account (Acct. 2850) and indicate the amount of the profit or loss. General Journal 1. Acct. # Acccount Name 3000 New Car Sales- Retail 2850 P&L Summary - To close out New Car Sales Debit 40,000.00 b. 3750 Used Truck Sales- Retail 2850 P&L Summary - To close out Used Truck Sales 65,000.00 c. 2850 P&L Summary 4000 New Car COS- Retail - To close out New Car COS 30,000.00 d. 45,000.00 a. 2850 P&L Summary 4750 Used Truck COS- Retail - To close out Used Truck COS e. Credit 40,000.00 65,000.00 30,000.00 45,000.00 5400 2850 - To close out Parts Sales Parts Sales - Wholesale P&L Summary 5,000.00 f. P&L Summary Parts COS - Wholesale 2,500.00 2850 6400 - To close out Parts COS g. 5,000.00 2,500.00 2850 P&L Summary 7000 Comm & Incentive - Salesperson - To close out Comm & Incentives 5,000.00 h. P&L Summary Utilities 2,500.00 2850 P&L Summary 8640 Office Supplies - To close out Office Supplies 2,250.00 2850 8500 - To close out Utilities i. 5,000.00 2,500.00 2,250.00 AM 3630 - Dealership Accounting Exercises 2. 2850 - P&L Summary 30,000.00 40,000.00 45,000.00 65,000.00 2,500.00 5,000.00 5,000.00 2,500.00 2,250.00 87,250.00 110,000.00 22,750.00 Profit (t/f to Retained Earnings)