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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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