QUESTION 7: CLOSING ENTRIES Before closing journal entries, Entity T had the following balances at December 31, 20x1: Sales revenue $65,000 Cost of goods sold Salaries expense 40,000 5,000 Rent...

QUESTION 7: CLOSING ENTRIES<br>Before closing journal entries, Entity T had the following balances at December<br>31, 20x1:<br>Sales revenue<br>$65,000<br>Cost of goods sold<br>Salaries expense<br>40,000<br>5,000<br>Rent expense<br>3,000<br>Other expenses<br>2,000<br>Retained earnings before closing<br>21,000<br>(1) Prepare journal entries to close revenue and expense accounts.<br>

Extracted text: QUESTION 7: CLOSING ENTRIES Before closing journal entries, Entity T had the following balances at December 31, 20x1: Sales revenue $65,000 Cost of goods sold Salaries expense 40,000 5,000 Rent expense 3,000 Other expenses 2,000 Retained earnings before closing 21,000 (1) Prepare journal entries to close revenue and expense accounts.

Jun 08, 2022

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QUESTION 7: CLOSING ENTRIES Before closing journal entries, Entity T had the following balances at December 31, 20x1: Sales revenue $65,000 Cost of goods sold Salaries expense 40,000 5,000 Rent...

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