Carla Vista Company has the following merchandise account balances at its September 30 year end: Cost of goods sold Delivery expense Merchandise inventory Salaries expense Date $130,000 Sept. 30 1,700 21,000 40,000 Sales Sales discounts Sales returns and allowances Supplies $275,500 Account Titles and Explanation 960 Prepare the entries to close the appropriate accounts to the Income Summary account. (Credit account titles are automatic 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 List all debit entries before credit entries) 3.200 2,400 Debit Credit
Carla Vista Company has the following merchandise account balances at its September 30 year end: Cost of goods sold Delivery expense Merchandise inventory Salaries expense Date $130,000 Sept. 30 1,700 21,000 40,000 Sales Sales discounts Sales returns and allowances Supplies $275,500 Account Titles and Explanation 960 Prepare the entries to close the appropriate accounts to the Income Summary account. (Credit account titles are automatic 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 List all debit entries before credit entries) 3.200 2,400 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Carla Vista Company has the following merchandise account balances at its September 30
Cost of goods sold
Delivery expense
Merchandise inventory
Salaries expense
$130,000
Sept. 30
1.700
21,000
40,000
Sales
Sales discounts
Sales returns and allowances
Supplies
$275,500
960
3.200
2,400
Prepare the entries to close the appropriate accounts to the Income Summary account. (Credit account titles are automatica
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
List all debit entries before credit entries)
Date Account Titles and Explanation
year end:
Debit
Credit
Transcribed Image Text:Date Account Titles and Explanation
Sept. 30
Sept. 30
(To close income statement account with credit balance.)
Debit
Credit
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