The following closing entries were prepared for Whirlybird Products Inc. at December 31, 2016, the end of its fiscal year.
|
Dec. |
31 |
Sales |
510 |
37,800 |
||
|
Income Summary |
360 |
37,800 |
||||
|
31 |
Income Summary |
360 |
32,800 |
|||
|
Cost of goods Sold |
570 |
26,800 |
||||
|
Sales Returns and Allowances |
508 |
690 |
||||
|
Sales Discounts |
509 |
310 |
||||
|
Salaries Expenses |
656 |
5,000 |
||||
|
31 |
Income Summary |
360 |
5,000 |
|||
|
Retained Earnings |
340 |
5,000 |
||||
Required:
- Post the closing entries to general ledger T-accounts and calculate balances.
- Calculate gross profit.
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