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Calculate the journal entries to close appropriate accounts

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Question - The following is Glueman Industries' adjusted trial balance in account order for the year ended October 31, 2019.

Glueman Adjusted Trial Balance October 31, 2019

Account Titles DR CR

Cash $3,670

Accounts Receivable $2,530

Merchandise Inventory $19,360

Prepaid Rent $8,760

Equipment $43,630

Accumulated Depreciation $760

Accounts Payable $2,210

Unearned Revenue $1,970

Salaries Payable $2,740

Knope, Capital $67,490

Sales Revenue $78,900

Sales Discounts $1,480

Sales Returns and Allowances $530

Cost of Goods Sold $39,450

Depreciation Expense $1,520

Rent Expense $9,320

Salaries Expense $15,260

Utilities Expense $8,560

Total $154,070 Total $154,070

Required - Calculate the journal entries to close the appropriate accounts Close revenue accounts, Close expense accounts, Close income summary account.

Reference no: EM132911337

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