An excerpt from Ivanhoe Company's accounting records is provided below. Sales revenue $627,000 Cost of goods sold 346,500 Wages expense 123,750 Depreciation expense 15,675 Rent expense 50,325 Interest expense 4,950 Income tax expense 14,850 Retained earnings 36,300 Dividends declared 16,500 Wages payable 12,375 Cash 41,250 Accounts receivable 61,875 Accounts payable 82,500 M σε Ac Q Ac Q Ac Using only the data provided above, record all the required closing entries using proper Journal Entry form. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Q Ac A C M N
An excerpt from Ivanhoe Company's accounting records is provided below. Sales revenue $627,000 Cost of goods sold 346,500 Wages expense 123,750 Depreciation expense 15,675 Rent expense 50,325 Interest expense 4,950 Income tax expense 14,850 Retained earnings 36,300 Dividends declared 16,500 Wages payable 12,375 Cash 41,250 Accounts receivable 61,875 Accounts payable 82,500 M σε Ac Q Ac Q Ac Using only the data provided above, record all the required closing entries using proper Journal Entry form. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Q Ac A C M N
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:An excerpt from Ivanhoe Company's accounting records is provided below.
Sales revenue
$627,000
Cost of goods sold
346,500
Wages expense
123,750
Depreciation expense
15,675
Rent expense
50,325
Interest expense
4,950
Income tax expense
14,850
Retained earnings
36,300
Dividends declared
16,500
Wages payable
12,375
Cash
41,250
Accounts receivable
61,875
Accounts payable
82,500
M
σε
Ac
Q
Ac
Q
Ac
Using only the data provided above, record all the required closing entries using proper Journal Entry form. (List all debit entries before
credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter O for the amounts.)
Q
Ac
A
C
M
N
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