Question

9.
Pass journal entries for closing the following account :
1000
3000
800
(1) Interest expense account
(2) Sales return account
(3) Purchase return account
2000
(4) Interest received account
(5) Advertisement expense account * 1500
(6) Salary account
4000
(7) Dividend received account
700
(8)
Purchase account
5000
(9) Sales account
* 10,000​

Answer 1

a) Cash
Capital Stock
b) RentExpense Cash
c) Supplies
Accounts Payable
d) AccountsPayable Cash
e) AccountsReceivable Sales Commissions
f) Automobile Expenses Misc. Expenses
Cash
g) SalariesExpense Cash
h) SuppliesExpense Supplies
i) Dividends Cash
16,000
16,000
3,000
3,000
1,200
1,200
800
800
22,500
22,500
2,900 1,450
4,350 4,200
4,200 960
960 1,400
1,400