Answer: These transactions can be journalized as follows :-
Explanation: Since the entries are closing entries these would be recorded at year end :-
Dec 31. Sales a/c Dr ¥ 1,014,345
To income a/c ¥ 1,014,345
(Being revenue account closed)
Dec 31. Income a/c Dr ¥ 936,724
To cost of sales a/c ¥626,379
To advertising expense a/c ¥ 96,359
To other expense a/c ¥213,986
(Being expenses account closed)
Dec 31. Income a/c Dr ¥77,621
To retained earnings ¥77,621
(Being excess income transferred)
