Merchandise inventory
Retained earnings
Dividends
Sales
Sales discounts
$ 39,800 Sales returns and allowances
119,300 Cost of goods sold
7,000 Depreciation expense
159,400 Salaries expense
3,300 Miscellaneous expenses
$ 6,100
106,200
10,700
34,500
5,000
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available
$38,450.
QS 4-10 Closing entries LO P3
Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the ent
shrinkage from QS 4-9. (The solution from QS 4-9 is required to complete this question.)
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Journal entry worksheet
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Record the entry to close the income statement accounts with credit balances