The following journal closing entries were prepared for George Services Ltd. at December 31, 2017, its fiscal year–end.
|
Dec. |
31 |
Merchandize Inventory |
7,000 |
|||
|
Sales |
34,000 |
|||||
|
Purchase returns and Allowances |
1,760 |
|||||
|
Purchase discounts |
240 |
|||||
|
Income Summary |
43,000 |
|||||
|
31 |
Income Summary |
40,000 |
||||
|
Merchandize Inventory |
6,000 |
|||||
|
Sales Returns and Allowances |
660 |
|||||
|
Sales Discounts |
340 |
|||||
|
Purchases |
24,000 |
|||||
|
Transportation-In |
1,000 |
|||||
|
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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