Reference no: EM132385631
Question
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information.
Income Statement SectionDebit Credit Income Summary$39,100 $42,400 Sales 257,000 Sales Returns and Allowances 4,150 Sales Discounts 3,150 Interest Income 195 Purchases 134,900 Freight In 2,450 Purchases Returns and Allowances 2,250
Purchases Discounts 1,580 Rent Expense 8,750 Utilities Expense 2,980 Telephone Expense 1,590 Salaries Expense 66,600 Payroll Taxes Expense 5,320 Supplies Expense 1,750 Depreciation Expense 2,750 Interest Expense 390 Totals$273,880 $303,425
Assume further that the owner of the firm is John Capeletti and that the John Capeletti, Drawing account had a balance of $26,450 on December 31, 2019.
Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts.
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