Sedona Closing

Date

Accounts & Explanation Closing Entries

Debit

12/31

Sales Rent Income Income Summary

895,000 800

12/31

Income Summary Sales Returns & Allowances Sales Discounts Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Deprec. Expense - Store Equip. Store Supplies Expense Misc. Selling Expense Office Salaries Expense Rent Expense Insurance Expense Deprec. Expense - Office Equip. Office Supplies Expense Misc. Administrative Expense Interest Expense

718,945

12/31

Income Summary Agee - Capital

176,855

12/31

Agee - Capital Agee - Drawing

40,000

Credit

895,800

11,900 7,100 486,200 80,150 25,000 7,500 2,950 1,335 45,150 26,000 6,260 3,800 1,350 1,650 12,600

176,855

40,000

Sedona Merchandising Company Post-Closing Trial Balance December 31, 1999 Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Store Supplies Office Supplies Store Equipment A/D - Store Equipment Office Equipment A/D - Office Equipment Accounts Payable Salaries Payable Unearned Rent Income Note Payable Agee Capital

$38,175 112,500 220,000 3,440 1,300 750 132,000 47,800 50,000

$558,165

21,000 66,700 4,900 400 105,000 312,365 $558,165