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Cost of goods sold $223,110 Salaries and wages expense $55,720 Delivery expense 6,320 Sales discounts 7,320...

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Accounting

Cost of goods sold $223,110 Salaries and wages expense $55,720Delivery expense 6,320 Sales discounts 7,320 Insurance expense12,760 Sales returns and allowances 11,820 Rent expense 18,640Sales revenue 366,400 Prepare the necessary closing entries.(Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select"No entry" for the account titles and enter 0 for the amounts.

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Journal entries
No. ACCOUNT TITLES AND EXPLANATIONS DEBIT ($) CREDIT ($)
1 Sales Revenue        366,400.00
Income Summary        366,400.00
(To close accounts with credit balances)
2 Income Summary        335,690.00
Salaries and wages expense          55,720.00
Delivery expense            6,320.00
Sales Discounts            7,320.00
Insurance expense          12,760.00
Sales returns and allowances          11,820.00
Rent expense          18,640.00
Cost of goods sold        223,110.00
(To close accounts with debit balances)
3 Income Summary          30,710.00
Retained Earnings          30,710.00
(To close net income / (loss))

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