prepare the closing entries for the dionne s accounts smith company is preparing its 581639

The trial balance of Dionne”s Boutique at December 31 shows Merchandise Inventory $21,000, Sales $136,000, Sales Returns and Allowances $4,000, Sales Discounts $3,000, Cost of Goods Sold $92,400, Interest Revenue $5,000, Freight out $1,500, Utilities Expense $7,400, Salaries Expense $18,500. Prepare the closing entries for the Dionne”s accounts.

Smith Company is preparing its multiple step income statement, retained earnings statement, and classified balance sheet. Using the column heads Account, Financial Statement, and Classification, indicate in which financial statement and under what classification each of the following would be reported.

Account

Financial Statement

Classification

Accounts Payable

Accounts Receivable

Accumulated Depreciation—

Office Building

Cash

Casualty Loss from Vandalism

Cost of Goods Sold

Delivery Equipment

Depreciation Expense

Common Stock

Dividends

Freight out

Insurance Expense

Interest Payable

Land

Merchandise Inventory

Notes Payable (due in 5 years)

Property Tax Payable

Salaries Expense

Salaries Payable

Sales Returns and Allowances

Sales

Unearned Rent

Utilities Expense

Warehouse