Sarasota Company has the following account balances: Sales Revenue $242,100, Sales Discounts $3,310, Cost of Goods Sold $117,100, and Inventory $42,900. 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 Enter an account title to close accounts with credit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with credit balances Enter a debit amount Enter a credit amount (To close accounts with credit balances) Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount (To close accounts with debit balances)
Sarasota Company has the following account balances: Sales Revenue $242,100, Sales Discounts $3,310, Cost of Goods Sold $117,100, and Inventory $42,900. 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 Enter an account title to close accounts with credit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with credit balances Enter a debit amount Enter a credit amount (To close accounts with credit balances) Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount (To close accounts with debit balances)
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 7E: The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account...
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Question
Sarasota Company has the following account balances: Sales Revenue $242,100, Sales Discounts $3,310, Cost of Goods Sold $117,100, and Inventory $42,900.
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
|
|---|---|---|
|
Enter an account title to close accounts with credit balances
|
Enter a debit amount
|
Enter a credit amount
|
|
Enter an account title to close accounts with credit balances
|
Enter a debit amount
|
Enter a credit amount
|
|
(To close accounts with credit balances)
|
||
|
Enter an account title to close accounts with debit balances
|
Enter a debit amount
|
Enter a credit amount
|
|
Enter an account title to close accounts with debit balances
|
Enter a debit amount
|
Enter a credit amount
|
|
Enter an account title to close accounts with debit balances
|
Enter a debit amount
|
Enter a credit amount
|
|
(To close accounts with debit balances)
|
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