Post the adjusting and closing entries .....see journal attachment

Journal

Date Accounts and Explanations Post Ref.

Debit Credit

2012 Adjusting Entries

Jan.

a) 31 Selling Expense $

700

General Expense $

700

Supplies $ 1,400

b) 31 Selling Expense $

950

General Expense $

2,850

Accumulated Dep. - Building

$ 3,800

b) 31 Selling Expense $

1,150

General Expense $

3,450

Accumulated Dep. - Furniture

$ 4,600

c) 31 Unearned Sales Revenue $

4,420

Sales Revenue $ 4,420

d) 31 General Expense $

1,100

Salary Payable $ 1,100

e) 31 Cost of Goods Sold $

1,540

Inventory $ 1,540

Post the adjusting and closing entries

Journal

Date Accounts and Explanations Post Ref.

Debit Credit

2012 Closing Entries

Jan.

31 Sales Revenue $

184,350

Sales Discounts $ 7,100

Sales Returns and Allowances

$ 8,080

Income Summary $ 169,170

31 Income Summary $

144,800

Cost of Goods Sold $ 103,440

Selling Expenses $ 24,180

General Expense $ 17,180

31 Income Summary $

24,370

Tarsus, Capital $ 24,370

31 Tarsus, Capital $

9,100

Tarsus, Drawing $ 9,100