Presented below is information related to Gonzales Corporation for the month of January 2020. Cost of goods sold    $208,000    Salaries and wages expense    $  61,000 Delivery expense 7,000 Sales discounts 8,000 Insurance expense 12,000 Sales returns and allowances 13,000 Rent expense 20,000 Sales revenue 350,000 Instructions Prepare the necessary closing entries.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Presented below is information related to Gonzales Corporation for the month of January 2020.

Cost of goods sold    $208,000    Salaries and wages expense    $  61,000
Delivery expense 7,000 Sales discounts 8,000
Insurance expense 12,000 Sales returns and allowances 13,000
Rent expense 20,000 Sales revenue 350,000

Instructions

Prepare the necessary closing entries.

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