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Elm View RV Center's accounting records include the following accounts at December 31, 2025. All accounts have normal balances. View the accounts and balances. Requirements 1. Journalize the required closing entries for Elm View RV Center. 2. Determine the ending balance in the Retained Earnings account. ... Requirement 1. Journalize the required closing entries for Elm View RV Center. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing the revenue accounts for the period. Do not close expenses; we will do this in the next step. Date Dec. 31 Accounts and Explanation Debit Credit Accounts and Balances Cost of Goods Sold $ 371,000 - ☑ Accounts Payable Rent Expense Building 13,000 29,000 111,000 Common Stock 112,000 Retained Earnings 29,000 Merchandise Inventory 239,000 Sales Returns and Allowances 39,000 Notes Receivable 30,000 Accumulated Depreciation-Building 43,000 Cash 45,000 Sales Revenue 735,000 Depreciation Expense-Building 11,000 Dividends 59,000 Sales Discounts 8,000 Interest Revenue 10,000

Elm View RV Center's accounting records include the following accounts at December 31, 2025. All accounts have normal balances. View the accounts and balances. Requirements 1. Journalize the required closing entries for Elm View RV Center. 2. Determine the ending balance in the Retained Earnings account. ... Requirement 1. Journalize the required closing entries for Elm View RV Center. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing the revenue accounts for the period. Do not close expenses; we will do this in the next step. Date Dec. 31 Accounts and Explanation Debit Credit Accounts and Balances Cost of Goods Sold $ 371,000 - ☑ Accounts Payable Rent Expense Building 13,000 29,000 111,000 Common Stock 112,000 Retained Earnings 29,000 Merchandise Inventory 239,000 Sales Returns and Allowances 39,000 Notes Receivable 30,000 Accumulated Depreciation-Building 43,000 Cash 45,000 Sales Revenue 735,000 Depreciation Expense-Building 11,000 Dividends 59,000 Sales Discounts 8,000 Interest Revenue 10,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Elm View RV Center's accounting records include the following accounts at December 31, 2025. All accounts have normal balances. View the accounts and balances. Requirements 1. Journalize the required closing entries for Elm View RV Center. 2. Determine the ending balance in the Retained Earnings account. ... Requirement 1. Journalize the required closing entries for Elm View RV Center. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing the revenue accounts for the period. Do not close expenses; we will do this in the next step. Date Dec. 31 Accounts and Explanation Debit Credit Accounts and Balances Cost of Goods Sold $ 371,000 - ☑ Accounts Payable Rent Expense Building 13,000 29,000 111,000 Common Stock 112,000 Retained Earnings 29,000 Merchandise Inventory 239,000 Sales Returns and Allowances 39,000 Notes Receivable 30,000 Accumulated Depreciation-Building 43,000 Cash 45,000 Sales Revenue 735,000 Depreciation Expense-Building 11,000 Dividends 59,000 Sales Discounts 8,000 Interest Revenue 10,000
Transcribed Image Text:Elm View RV Center's accounting records include the following accounts at December 31, 2025. All accounts have normal balances. View the accounts and balances. Requirements 1. Journalize the required closing entries for Elm View RV Center. 2. Determine the ending balance in the Retained Earnings account. ... Requirement 1. Journalize the required closing entries for Elm View RV Center. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing the revenue accounts for the period. Do not close expenses; we will do this in the next step. Date Dec. 31 Accounts and Explanation Debit Credit Accounts and Balances Cost of Goods Sold $ 371,000 - ☑ Accounts Payable Rent Expense Building 13,000 29,000 111,000 Common Stock 112,000 Retained Earnings 29,000 Merchandise Inventory 239,000 Sales Returns and Allowances 39,000 Notes Receivable 30,000 Accumulated Depreciation-Building 43,000 Cash 45,000 Sales Revenue 735,000 Depreciation Expense-Building 11,000 Dividends 59,000 Sales Discounts 8,000 Interest Revenue 10,000
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