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Essay Details:
Essay text:
$3,575
To Accrued Sales Salaries $3,575
(7) Interest Receivable Dr $390
To Interest Income $390
Closing entries are:
(a) Profit and Loss Dr. $24,900
To Selling Expense $24,900
(b) Profit and Loss Dr $109,325
To Sales Salaries $109,325
(c) Profit and Loss Dr $31,000
To Miscellaneous General Expenses $31,000
(d) Profit and Loss Dr $6,220
To Sales Discounts $6,220
(e) Profit and Loss Dr $13,030
To Interest Expense $13,030
(f) Profit and Loss Dr $9,600
To Social Security Taxes $9,600
(g) Sales Dr. $716,935
To Profit and Loss $716,935
(h) Profit and Loss Dr $302,990
To Cost of Goods Sold $302,990
(i) Profit and Loss Dr $12,750
To Depreciation Expense $12,750
(j) Profit and Loss Dr $10,265
To Supplies Expense $10,265
(k) Profit and Loss Dr $4,660
To Insurance Expense $4,660
(l) Interest Income $390
To Profit and Loss $390
(m) Profit and Loss Dr $192,585
To Retained Earnings $192,585
Cash and Equivalents Accounts Receivable
$119,115 $162...
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