Bleeker company has the following merchandise account, Ask an Expert

Accounting

Bleeker Company has the following merchandise account balances: Sales $194,408, Sales Discounts $2,178, Cost of Goods Sold $103,141, and Merchandise Inventory $39,065. Prepare the entries to record the closing of these items to Income Summary. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Account / Description Debit Credit $ $ (To close credit accounts) Income Summary $ $ $ (To close debit accounts).

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9976159

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