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28 November, 07:29

The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $265,000; sales revenue, $880,000; cost of goods sold, $580,000; salaries expense, $155,000; rent expense, $49,000; and interest expense, $24,000.1. Close the revenue accounts as necessary2. Close the expense accounts as necessary3. Close net income

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  1. 28 November, 08:45
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    Year end Closing journal Entries:

    Dr. Cr.

    1.

    Sales revenue $880,000

    Income Summary $880,000

    2.

    Income Summary $808,000

    Cost of goods sold $580,000

    Salaries expense $155,000

    Rent expense $49,000

    Interest expense $24,000

    Retained earning is an equity account and it is also a permanent account which will not close.
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