It is december 3120xxand wallys watches is beginning the

Reference no: EM13600831

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.

Hint:You will need to combine the closing of revenue and expense into 1 journal entry so you just end up with 1 debt or 1 credit to income summary. Ensure your journal entry balances (the total of the debit and the total of the credits must equal)

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: EM13600831

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