Chapter 5, Problem S5.9SE

ournalizing closing entries

Learning Objective 4

Rocky RV Center’s accounting records include the following accounts at December 31, 2018.

Cost of Goods Sold	$ 372,000	Accumulated Depreciation-Building	$ 38,000
Accounts Payable	16,000	Cash	47,000
Rent Expense	26,000	Sales Revenue	636,500
Building	113,000	Depreciation Expense-Building	13,000
Rocky, Capital	198,100	Rocky, Withdrawals	58,000
Merchandise Inventory	239,600	Interest Revenue	14,000
Notes Receivable	34,000

Requirements

1. Journalize the required closing entries for Rocky.
2. Determine the ending balance in the capital account.

Use the following information to answer Short Exercises S5-10 and S5-11 Camilla Communications reported the following figures from its adjusted trail balance for its first year of business, which ended on July 31, 2018.

Cash	$ 2,900	Cost of Goods Sold	$ 18,700
Selling Expenses	1,400	Equipment, net	9,500
Accounts Payable	4,300	Accrued Liabilities	1,800
Camilia, Capital	4,365	Net Sales Revenue	29,200
Notes Payable, long-term	500	Accounts Receivable	3,200
Merchandise Inventory	1,100	Interest Expense	65
Administrative Expenses	3,300