The following account balances appear in the Income Statement section of Fujisan

Question

The following account balances appear in the Income Statement section of Fujisan Cameras' worksheet:

Instructions:
1. Journalize the closing entries for the year ended December 31.
2. Post the closing entries to the general ledger accounts.

PLEASE FOLLOW THESE INSTRUCTIONS

ACCOUNT NAME ACCT No INCOHE STATEHENT Debit Credit 310 401 410 501 505 510 515 4,000.00 5,000.00 5,000.00 Income Summar Sales Sales Return and Allowances Purchases Transportaton In Purchase DISCounts Purchase Returns and Allowances Federal Corporate Income Tax Exp Miscellaneous Expense Rent Expense Supplies Expense Uilities Expense 150,000.00 90,000.00 1,00000 1,500.00 620 4,70000 645 $50 660 670 300.00 6,000.00 1,630.00 3,000.00 119,63000 152,50000 32,870.00 152,50000 152,50000

Explanation / Answer

Sale Account Cr 150000.00 Customer Account Dr 150000.0 Purchase Discount Cr. 1000.00 Purchase Account Dr 1000.00 Purchase return Account Cr 1500.00 Purchase Account Dr 1500.00 Sale Return and Allowance Dr 5000.00 Sale Account Cr 5000.00 Purchase Account Dr 90000.00 Party Account Cr. 90000.00 Transportation Dr. 5000.00 Transportation payable Cr 5000.00 Federal Corporate Income Tax Exps. Dr 4700.00 Federal Corporate Income Tax Payable Account Cr 4700.00 Miscellaneous Exps. Dr. 300.00 Miscellaneous Exps. Cr. 300.00 Rent Exps. Dr. 6000.00 Rent Exps. Payable Cr. 6000.00 Supplies Exps. Dr. 1630.00 Supplies Exps. Payable Cr. 1630 Utilities Exps. Dr. 3000.00 Utilities Exps. Payable Cr. 3000.00 Income Summary Dr. 4000.00 Income Summary Payable Cr. 4000.00

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