Answered: Martinez Company has the following…

Martinez Company has the following account balances: Sales Revenue $220,800, Sales Discounts $2,810, Cost of Goods Sold $133,000, and Inventory $46,700.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 68.4C

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It’s pretty self explanatory but I am struggling and stressing with this subject please help

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Current Attempt in Progress
Martinez Company has the following account balances: Sales Revenue $220,800, Sales Discounts $2,810, Cost of Goods Sold $133,000, and
Inventory $46,700.
Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically Indented when amount Is entered.
Do not Indent manually.)
Account Titles and Explanation
Debit
Credit
(To close accounts with credit balances)
(To cose accounts with debit balances)
List of Accounts
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