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The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $265,000; sales revenue, $880,000; cost of goods sold, $580,000; salaries expense, $155,000; rent expense, $49,000; and interest expense, $24,000.1.Close the revenue accounts as necessary2.Close the expense accounts as necessary3.Close net income

Respuesta :

hyderali230

Answer:

Year end Closing journal Entries:

                                           Dr.                    Cr.

1.

Sales revenue               $880,000

Income Summary                                  $880,000

2.

Income Summary          $808,000

Cost of goods sold                               $580,000

Salaries expense                                  $155,000

Rent expense                                       $49,000

Interest expense                                  $24,000

Retained earning is an equity account and it is also a permanent account which will not close.

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