The following journal closing entries were prepared for James Services Ltd. at December 31, 2017, its fiscal year–end.
|
Dec. |
31 |
Sales |
43,000 |
||
|
Income Summary |
43,000 |
||||
|
31 |
Income Summary |
40,000 |
|||
|
Sales Returns and Allowances |
660 |
||||
|
Sales Discounts |
340 |
||||
|
Cost of Goods Sold |
31,000 |
||||
|
Salaries Expenses |
8,000 |
||||
|
31 |
Income Summary |
3,000 |
|||
|
Retained Earnings |
3,000 |
||||
Required: Prepare a partial income statement including sales, cost of goods sold, and gross profit.
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