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Your answer is partially correct. Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.
Your answer is partially correct. Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Nov. 30 Sales Revenue Service Revenue Income Summary Debit 15950 20373 (To close revenue accounts and other accounts with credit balances.) Nov. 30 Income Summary 27100 Sales Discounts Cost of Goods Sold Depreciation Expense Supplies Expense Salaries and Wages Expense Rent Expense (To close expense accounts and other accounts with debit balances.) Nov. 30 Income Summary Retained Earnings (To close income summary.) 9223 Credit 36323 319 11600 725 2784 10585 1087 9223 Post the closing entries. (Post entries in the order of journal entries presented above. For accounts that have a zero balance select "11/30 Bal." from the list and enter O for the amount.)
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