http://i4.photobucket.com/albums/y12.../worksheet.jpg

Hey guys

All right so that's my worksheet and I am in a periodic system, so basically there's no COGS. In the homework it said

"Record closing entries in the general journal. Note that under the periodic inventory system, a Cost of Sales account is not used. Therefore, all accounts that are used to calculate Cost of Sales need to be recorded in the closing entries."

I don't get this bit.

Oh and another question, in Closing entries using income statement do I just say in the worksheet

Dr Income statement 46704
Cr Sales Revenue 46704

then

Credit Income statement 46704 ?

thanks a lot =)