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week 4 E2-11 - Enter accounts in the same order as they...

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E 2-11 Closing entries LO7 American Chip Corporation’s fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2006.
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Account Title Debits Credits Retained earnings 77,000 Sales revenue 792,000 Interest revenue 2,000 Cost of goods sold 443,520 Salaries expense 105,600 Rent expense 25,000 Depreciation expense 34,000 Interest expense 4,900 Insurance expense 5,400 Required: Prepare the necessary closing entries at December 31, 2006.
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Unformatted text preview: Enter accounts in the same order as they appear above. December 31, 2006 Sales revenue 792,000 Interest revenue 2,000 Income summary 794,000 Income summary 618,420 Cost of goods sold 443,520 Salaries expense 105,600 Rent expense 25,000 Depreciation expense 34,000 Interest expense 4,900 Insurance expense 5,400 Income summary 175,580 Retained earnings 175,580...
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