On the CJE worksheet prepare the closing entries in good for

On the “CJE” worksheet, prepare the closing entries in good form for Grizzlies, Inc. at the end of December 31, 2017. Again, all numbers should be cell references or formulas, not manually entered.

Grizzlies, Inc.
Income Statement
For the Month Ended December 31, 2017
	Dr.	Cr.
Revenues
Sales Revenue		$1,576,150.00
Cost of Goods Sold		975,000.00
Gross Profit		601,150.00
Operating Expenses
Sales Salaries Expense	282,560.00
Office Salaries Expense	153,240.00
Miscellaneous Administrative Expense	5,650.00
Miscellaneous Selling Expense	13,900.00
Depreciation Expense - Store Equipment	15,840.00
Depreciation Expense - Office Equipment	10,200.00
Store Supplies Expense	15,400.00
Shop Supplies Expense	3,600.00
Rent Expense	1,200.00
Insurance Expense	4,200.00
Utilities Expense-Store	1,118.00
Utilities Expense-Office	182.00
Total Operating Expenses		$   507,090.00
Operating Income		$     94,060.00
Non Operating Expenses
Consulting Revenue	10,500.00
Rent Revenue	15,400.00
Interest Revenue
Interest Expense	360.00
Total Non Operating Expenses		$     25,540.00
Net Income		$   119,600.00

Solution

Answer

Date

Accounts Title

Debit

Credit

31-Dec-17

Sales Revenue

$               15,76,150.00

Consulting Revenue

$                     10,500.00

Rent Revenue

$                     15,400.00

Income Summary

$      16,02,050.00

(revenue accounts with credit balance closed by getting debited)

31-Dec-17

Income Summary

$               14,82,450.00

Cost of Goods Sold

$        9,75,000.00

Sales Salaries Expense

$        2,82,560.00

Office Salaries Expense

$        1,53,240.00

Miscellaneous Administrative Expense

$             5,650.00

Miscellaneous Selling Expense

$            13,900.00

Depreciation Expense - Store Equipment

$            15,840.00

Depreciation Expense - Office Equipment

$            10,200.00

Store Supplies Expense

$            15,400.00

Shop Supplies Expense

$              3,600.00

Rent Expense

$              1,200.00

Insurance Expense

$              4,200.00

Interest Expense

$                 360.00

Utilities Expense-Store

$              1,118.00

Utilities Expense-Office

$                  182.00

(expenses account with debit balances closed by getting credited)

31-Dec-17

Income Summary

$                 1,19,600.00

Retained earnings

$        1,19,600.00

(Net Income balance in income summary closed by transferring to Retained Earnings)

31-Dec-17

Retained earnings

$                     12,800.00

Dividends

$            12,800.00

(dividends account closed)

Date	Accounts Title	Debit	Credit
31-Dec-17	Sales Revenue	$               15,76,150.00
	Consulting Revenue	$                     10,500.00
	Rent Revenue	$                     15,400.00
	Income Summary		$      16,02,050.00
	(revenue accounts with credit balance closed by getting debited)
31-Dec-17	Income Summary	$               14,82,450.00
	Cost of Goods Sold		$        9,75,000.00
	Sales Salaries Expense		$        2,82,560.00
	Office Salaries Expense		$        1,53,240.00
	Miscellaneous Administrative Expense		$             5,650.00
	Miscellaneous Selling Expense		$            13,900.00
	Depreciation Expense - Store Equipment		$            15,840.00
	Depreciation Expense - Office Equipment		$            10,200.00
	Store Supplies Expense		$            15,400.00
	Shop Supplies Expense		$              3,600.00
	Rent Expense		$              1,200.00
	Insurance Expense		$              4,200.00
	Interest Expense		$                 360.00
	Utilities Expense-Store		$              1,118.00
	Utilities Expense-Office		$                  182.00
	(expenses account with debit balances closed by getting credited)
31-Dec-17	Income Summary	$                 1,19,600.00
	Retained earnings		$        1,19,600.00
	(Net Income balance in income summary closed by transferring to Retained Earnings)
31-Dec-17	Retained earnings	$                     12,800.00
	Dividends		$            12,800.00
	(dividends account closed)