Revenue and expense accounts of Rushford Publishing Company for November 30, 2003, are given as follows. Prepare a compound journal entry that will close the revenue and expense accounts to the retained earnings account.
|
Debits |
Credits |
|
|
Sales Revenue . . . |
$250,500 |
|
|
Cost of Goods Sold |
$124,500 |
|
|
Salaries Expense . |
35,000 |
|
|
Interest Expense . |
1,000 |
|
|
Rent Expense. . . |
$9,300 |
|
|
Insurance Expense |
1,700 |
|
|
Property Tax Expense |
800 |
|
|
Supplies Expense. |
1,000 |
|
|
Advertising Expense |
10,000 |
|