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Prepare the closing entries at December

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Reference no: EM132752437

Question - Following is the year-end adjusted trial balance for Yakima's Sporting Goods for the current year:

Yakima's Sporting Goods Adjusted Trail Balance December 31

Dr. Cr.

Cash $47,500

Accounts receivable $46,000

Merchandise Inventory 50,000

Office supplies 800

Accounts payable 16,000

Salaries payable 850

P.Yakima, Capital 125,630

P.Yakima, Withdrawals 25,000

Sales 500,000

Sales returns & allowances 4,500

Sales Discounts 4,250

Cost of goods sold 382,450

Sales salaries expense 44,000

Advertising expense 8,150

Office salaries expense 24,325

Office supplies expense 450

Interest expense 5,055

Totals $642,480 $642,480

REQUIRED - Prepare the closing entries at December 31 for the current year without explanations.

Reference no: EM132752437

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