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GHI Company is preparing to close its books for the year ending December 31, 2022....

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Accounting

GHI Company is preparing to close its books for the year ending December 31, 2022. GHI Company had the following accounts and balances information available:

  • Sales Revenue: $100
  • Cash: 10
  • Cost of Goods Sold: 51
  • Salaries Expense: 20
  • Rent Expense: 14
  • Accounts Receivable: 32
  • Interest Income: 2
  • Income Tax Expense: 8
  • Notes Payable: 80

GHI Company had a Retained Earnings balance of $50,000 at the beginning of the year.

Prepare the necessary closing journal entries as of December 31, 2022, to close the temporary accounts to Retained Earnings. Enter debits as positive numbers, credits as negative numbers, and enter zero for accounts not included in the closing journal entry. Do not include anything other than the value as it will cause the item to be marked wrong. (Note that 45, 0, or -45 are correctly formatted answers, but $45, $-45, -$45, $45.00, 45.00, and zero would be considered incorrect.)

  • Sales Revenue: $
  • Cash:
  • Cost of Goods Sold:
  • Salaries Expense:
  • Rent Expense:
  • Accounts Receivable:
  • Interest Income:
  • Income Tax Expense:
  • Notes Payable:
  • Retained Earnings:

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