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Prepare the closing entries for the accounts

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Reference no: EM132712779

The trial balance of Celine's Sports Wear Shop at December 31 shows:

Merchandise Inventory P25,000

Sales P162,400

Sales returns and allowances P4,800

Sales discounts P3,600

Cost of goods sold P110,000

Rental revenue P6,000

Freight-out P1,800

Rent expense P8,800

Salaries and wages expense P22,000

Instruction:

Problem 1: Prepare the closing entries for the above accounts.

Reference no: EM132712779

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