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sattari [20]
2 years ago
9

Following are Nintendo's revenue and expense accounts for a recent calendar year.Net sales ¥ 1,014,345 Cost of sales 626,379 Adv

ertising expense 96,359 Other expense, net 213,986 Prepare the company's closing entries for its revenues and its expenses.
Business
1 answer:
elena-14-01-66 [18.8K]2 years ago
4 0

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)

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Explanation:

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