College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
Using the spreadsheet provided on page 594 for Yoder’s Cool Stuff, prepare the closing entries.
Prepare closing entries for Company YCS.
Closing entries: The journal entries prepared to close the temporary accounts to Retained Earnings account are referred to as closing entries. The revenue, expense, and dividends accounts are referred to as temporary accounts because the information and figures in these accounts is held temporarily and consequently transferred to permanent account at the end of accounting year.
Prepare closing entries for Company YCS.
| Date | Account titles and Explanation | Debit | Credit |
| December 31 | Sales | $261,000 | |
| Income summary | $261,000 | ||
| (To close revenue accounts) | |||
| December 31 | Income summary | $221,700 | |
| Sales returns and allowances | $21,000 | ||
| Purchases | $160,000 | ||
| Wages expense |
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