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29 May, 03:49

Presented below is information related to Headland Corporation for the month of January 2017.

Cost of goods sold $221,450

Salaries and wages expense $62,960

Delivery expense 6,300

Sales discounts 8,320

Insurance expense 11,900

Sales returns and allowances 12,540

Rent expense 18,370

Sales revenue 364,700

Required:

1. Prepare the necessary closing entries.

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Answers (1)
  1. 29 May, 05:14
    0
    The above stated accounts are closed into the statement of Income and expenditure account

    Account Title Dr Cr

    $ $

    Cost of goods sold 221,450

    Salaries & wages 62,960

    Delivery Expenses 6,300

    Sale Discount 8,320

    Insurance Expenses 11,900

    Sales Return & Allowances 12,540

    Rent Expenses 18,370

    Income summary 341,840

    Sales Revenue 364,700

    Income summary 364,700
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