Record the entry to close the income summary account

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Reference no: EM133928102

Problem

Record the adjustment for inventory shrinkage based on physical count. Retained earnings $ 127,300 Cost of goods sold $ 108,600 Dividends 7,000 Depreciation expense 11,500 Sales 182,000 Salaries expense 38,500 Sales discounts 4,100 Miscellaneous expenses 5,000 Sales returns and allowances 5,300 The company uses the perpetual inventory system. Get the instant assignment help. Record the entry to close the Income Summary account.

Reference no: EM133928102

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