[tcm1770]

The following list of accounts was obtained from the adjusted trial balance of ABC company on December 31, 2005. Each account has a normal balance how would I journalize the closing entries required on 12/31/05

Balance Account
42240 Cash
11460 Accounts Receivable
600 Allowance for Doubtful Accounts
28000 Equiptment
8000 Acculumated Depreciation Equiptment
4800 Prepaid Rent
15400 Accounts Payable
8000 Dividends Payable
6264 Income Tax Payable
900 Unearned Rent Revenue
16000 Common Stock
16040 Retained Earnings
16400 Dividends
91200 Sales
38640 Cost of Goods Sold
7600 Salaries Expense
6800 Advertising Expense
2000 Telephone & telegraph Expense
3200 Utilities Expense
5200 Rent Expense
720 Bad Debt Expense
6264 Income tax Expense
2000 Depreciation Expense- Equiptment
1400 interest Revenue
7600 Merchantdise Inventory 12/31/92

[pready]

The temporary (Income Statement) accounts are closed to the permanent (Balance Sheet) acocunts.

Expense accounts are credited, then debited tn the Income Summary Account so there is a 0 balance in the expense accounts.

Revenue accounts are debited, then credited to the Income Summary Account so that there is a 0 balance in the revenue accounts.

Then the difference in the Income Summary Account is transferred to the Retained Earnings Account (Balance Sheet) so there is a 0 balnce in the income summary account.