Journalizing closing entries—perpetual inventory
Rockwell RV Center’s accounting records include the following accounts at December 31, 2012:
|
Cost of goods sold |
$385,000 |
Accumulated depreciation |
$ 39,000 |
|
Accounts payable |
17,000 |
Cash |
43,000 |
|
Rent expense |
21,000 |
Sales revenue |
696,000 |
|
Building |
108,000 |
Depreciation expense |
12,000 |
|
Rockwell, capital |
208,800 |
Rockwell, drawing |
61,000 |
|
Inventory |
261,000 |
Sales discounts |
9,000 |
Requirement
1. Journalize the required closing entries for Rockwell RV Center for December 31, 2012.