It is december 3120xxand wallys watches is beginning the

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Reference no: EM13600768

It is December 31,20xx,and Wally's watches is beginning the process of closing the books at the end of the year. The CFO has asked you,Wally's hired accountant to close the temporary accounts to the income summary account. The CFO gives you the following information .Prepare the journal entries to close the temporary accounts to the income summary account.

Wally Watches.
December 31 20XX
Revenue 80,000
Common stock 30,000
Cost of goods sold 30,000
Supplies Expense 2,000
Accounts payable 2,000
Salaries expense 15,000
Rent expense 1,000
Depreciation expense 1,200
Accounts receivable 10,000

Reference no: EM13600768

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