Intermediate Accounting
9th Edition
ISBN: 9781259722660
Author: J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
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Chapter 2, Problem 2.13E
Closing entries
• LO2–7
American Chip Corporation’s fiscal year-end is December 31. The following is a partial adjusted
| Account Title | Debits | Credits |
| 80,000 | ||
| Sales revenue | 750,000 | |
| Interest revenue | 3,000 | |
| Cost of goods sold | 420,000 | |
| Salaries expense | 100,000 | |
| Rent expense | 15,000 | |
| 30,000 | ||
| Interest expense | 5,000 | |
| Insurance expense | 6,000 |
Required:
Prepare the necessary closing entries at December 31, 2018.
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Chapter 2 Solutions
Intermediate Accounting
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