Presented below is information related to Headland Corporation for the month of January 2017.

Cost of goods sold $221,450

Salaries and wages expense $62,960

Delivery expense 6,300

Sales discounts 8,320

Insurance expense 11,900

Sales returns and allowances 12,540

Rent expense 18,370

Sales revenue 364,700

Required:

1. Prepare the necessary closing entries.

Question

Micah Chaney

Business

13 September, 05:05

Presented below is information related to Headland Corporation for the month of January 2017.

Cost of goods sold $221,450

Salaries and wages expense $62,960

Delivery expense 6,300

Sales discounts 8,320

Insurance expense 11,900

Sales returns and allowances 12,540

Rent expense 18,370

Sales revenue 364,700

Required:

1. Prepare the necessary closing entries.

+3

Answers (1)

Know the Answer?

Michelle Kim · Answer 1

The above stated accounts are closed into the statement of Income and expenditure account

Account Title Dr Cr

$ $

Cost of goods sold 221,450

Salaries & wages 62,960

Delivery Expenses 6,300

Sale Discount 8,320

Insurance Expenses 11,900

Sales Return & Allowances 12,540

Rent Expenses 18,370

Income summary 341,840

Sales Revenue 364,700

Income summary 364,700