Journalizing closing entries-perpetual inventory Rockwell RV Center, Inc.'s accounting records include the following accounts at December 31, 2012:
|
Cost of goods sold
|
$385,000
|
Accumulated depreciation
|
$ 39,000
|
|
Accounts payable
|
17,000
|
Cash
|
43,000
|
|
Rent expense
|
21,000
|
Sales revenue
|
696,000
|
|
Building
|
108,000
|
Depreciation expense
|
12,000
|
|
Retained earnings
|
64,800
|
Dividends
|
61,000
|
|
Inventory
|
261,000
|
Sales discounts
|
9,000
|
|
Common stock
|
144,000
|
|
|
Requirement
1. Journalize the required closing entries for Rockwell RV Center for December 31, 2012.