Minimus Hardware - Closing The transactions for December 2017 for Minimus Hardwa
ID: 2587817 • Letter: M
Question
Minimus Hardware - Closing The transactions for December 2017 for Minimus Hardware have been recorded in the accounting system. Minimus Hardware is organized as a corporation. This assignment requires you to prepare closing entries for December 2017. The trial balance for December 2017 is given below: Minimus Hardware Trial Balance December 31,2017 Account name Cash Inventory Supplies Accounts Payable Capital Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense Supplies Expense Rent Expense Debit $35,800 14,100 200 Credit $ 2,800 45,000 1,025 12,500 7,000 1,150 225 560,300 $60.300 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Close the revenue accounts. Close the expense accounts. Close the income summary account. Close the dividends account. DATE ACCOUNT Dec. 31 Dec. 31 DEBIT CREDITExplanation / Answer
Closing entry :
Date accounts & explanation debit credit Dec 31 Sales revenue a/c 12500 Income summary a/c 12500 (To record close of revenue account) Dec 31 Income summary a/c 9175 Cost of goods sold a/c 7000 Salaries expenses 1150 Supplies expenses 225 Rent expenses 800 (To record close of expenses account) Dec 31 Income summary a/c 3325 Retained earnings a/c 3325 (TO record close of income summary a/c) Dec 31 Retained earnings a/c 1025 Dividend a/c 1025 (TO record close of dividend account)