Robins RV Center's accounting records include the following accounts at December 31, 2016. E(Click the icon to view the accounts and balances.) Requirements 1. Journalize the required closing entries for Robins. 2. Determine the ending balance in the Robins, Capital account. Requirement 1. Journalize the required closing entries for Robins. (Record debits first. Data Table - X Start by closing the revenue accounts for the period. Date Accounts and Explanation $ 380,000 Accumulated Depreciation-Building $ 38,000 Cost of Goods Sold Dec. 31 Accounts Payable 16,000 Cash 51.000 Rent Expense 22,000 Sales Revenue 690,000 Building 114,000 Depreciation Expense-Building 14,000 Robins, Capital 225,000 Robins, Withdrawals 57,000 Merchandise Inventory 259,000 Sales Discounts 13,000 Sales Returns and Allowances 45,000 Interest Revenue 5,000 Notes Receivable 34,000 Choose from any list or enter any number in the input fields and then click Check A Activate W Go to Settings Print Done parts + remaining

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Robins RV Center's accounting records include the following accounts at December 31, 2016.
E (Click the icon to view the accounts and balances.)
Requirements
1. Journalize the required closing entries for Robins.
2. Determine the ending balance in the Robins, Capital account.
Requirement 1. Journalize the required closing entries for Robins. (Record debits first,
Data Table
- X
Start by closing the revenue accounts for the period.
Date
Accounts and Explanation
Cost of Goods Sold
$ 380,000 Accumulated Depreciation-Building
$ 38,000
Dec. 31
Accounts Payable
16,000 Cash
51,000
Rent Expense
22,000 Sales Revenue
690,000
Building
114,000 Depreciation Expense-Building
14,000
Robins, Capital
225,000 Robins, Withdrawals
57,000
Merchandise Inventory
259,000 Sales Discounts
13,000
Sales Returns and Allowances
45,000 Interest Revenue
5,000
Notes Receivable
34,000
Choose from any list or enter any number in the input fields and then click Check A
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Transcribed Image Text:Robins RV Center's accounting records include the following accounts at December 31, 2016. E (Click the icon to view the accounts and balances.) Requirements 1. Journalize the required closing entries for Robins. 2. Determine the ending balance in the Robins, Capital account. Requirement 1. Journalize the required closing entries for Robins. (Record debits first, Data Table - X Start by closing the revenue accounts for the period. Date Accounts and Explanation Cost of Goods Sold $ 380,000 Accumulated Depreciation-Building $ 38,000 Dec. 31 Accounts Payable 16,000 Cash 51,000 Rent Expense 22,000 Sales Revenue 690,000 Building 114,000 Depreciation Expense-Building 14,000 Robins, Capital 225,000 Robins, Withdrawals 57,000 Merchandise Inventory 259,000 Sales Discounts 13,000 Sales Returns and Allowances 45,000 Interest Revenue 5,000 Notes Receivable 34,000 Choose from any list or enter any number in the input fields and then click Check A Activate Wndows Go to Settings Print Done parts remaining Check A
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