You are at the end of the month, and you have to reset the temporary accounts prior to the new period starting. You must do the closing entries in order to complete this. Please close the appropriate accounts using the journal and ledgers again. Make sure to do a post-closing trial balance to ensure you are still in balance after the closing is finished. Continue to use the Excel templates provided. Account Debit Credit Cash Accounts Receivable Equipment Accumulated Depreciation Inventory Accounts Payable common stock COGS Sales Sales returns Sales Discounts Rent Expense Electric Expense Depreciation Shipping Expense Act. # 100640.00 3000.00 10100.00 850.00 750 500.00 60.00 2000.00 100.00 210.00 200.00 210.00 11700.00 100000.00 6500.00
You are at the end of the month, and you have to reset the temporary accounts prior to the new period starting. You must do the closing entries in order to complete this. Please close the appropriate accounts using the journal and ledgers again. Make sure to do a post-closing trial balance to ensure you are still in balance after the closing is finished. Continue to use the Excel templates provided. Account Debit Credit Cash Accounts Receivable Equipment Accumulated Depreciation Inventory Accounts Payable common stock COGS Sales Sales returns Sales Discounts Rent Expense Electric Expense Depreciation Shipping Expense Act. # 100640.00 3000.00 10100.00 850.00 750 500.00 60.00 2000.00 100.00 210.00 200.00 210.00 11700.00 100000.00 6500.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:You are at the end of the month, and you have to reset the temporary accounts prior to the new period
starting. You must do the closing entries in order to complete this. Please close the appropriate accounts
using the journal and ledgers again. Make sure to do a post-closing trial balance to ensure you are still in
balance after the closing is finished. Continue to use the Excel templates provided.
Account
Debit
Cash
Accounts Receivable
Equipment
Accumulated Depreciation
Inventory
Accounts Payable
common stock
COGS
Sales
Sales returns
Sales Discounts
Rent Expense
Electric Expense
Depreciation
Shipping Expense
Act. #
100640.00
3000.00
10100.00
850.00
750
500.00
60.00
2000.00
100.00
210.00
200.00
Credit
210.00
11700.00
100000.00
6500.00
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