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Periodic Inventory Accounts, Multiple-Step Income Statement, Closing Entries

On June 30, 20Y9, the balances of the accounts appearing in the ledger of Simkins Company are as follows:

Cash	$125,000		Purchases	$4,100,000
Accounts Receivable	340,000		Purchases Returns and Allowances	32,000
Merchandise Inventory, July 1, 20Y8	415,000		Purchases Discounts	13,000
Office Supplies	9,000		Freight In	45,000
Prepaid Insurance	18,000		Sales Salaries Expense	580,000
Land	300,000		Advertising Expense	315,000
Store Equipment	550,000		Delivery Expense	18,000
Accumulated DepreciationStore Equipment	190,000		Depreciation ExpenseStore Equipment	12,000
Office Equipment	250,000		Miscellaneous Selling Expense	28,000
Accumulated DepreciationOffice Equipment	110,000		Office Salaries Expense	375,000
Accounts Payable	85,000		Rent Expense	43,000
Customer Refunds Payable	20,000		Insurance Expense	17,000
Salaries Payable	9,000		Office Supplies Expense	5,000
Unearned Rent	6,000		Depreciation ExpenseOffice Equipment	4,000
Notes Payable	50,000		Miscellaneous Administrative Expense	16,000
Amy Gant, Capital	705,000		Rent Revenue	32,500
Amy Gant, Drawing	275,000		Interest Expense	2,500
Sales	6,590,000

Prepare the closing entries for Simkins Company as of June 30, 20Y9 in the order as presented in the chapter. If an amount box does not require an entry, leave it blank.

	Account	Debit	Credit
June 30	CashInterest ExpenseMerchandise InventoryNotes PayableSales Returns and Allowances	fill in the blank 62	fill in the blank 63
	Office Supplies ExpensePrepaid InsuranceSalesSales DiscountsUnearned Rent	fill in the blank 65	fill in the blank 66
	Delivery ExpenseOffice SuppliesPurchasesPurchases Returns and AllowancesSales Returns and Allowances	fill in the blank 68	fill in the blank 69
	CashLandPurchasesPurchases DiscountsSales Discounts	fill in the blank 71	fill in the blank 72
	Accounts PayableRent ExpenseRent RevenueStore EquipmentUnearned Rent	fill in the blank 74	fill in the blank 75
	Accounts ReceivableCashMerchandise InventoryOffice EquipmentSales	fill in the blank 77	fill in the blank 78
	Accounts ReceivablePurchasesPurchases DiscountsPurchases Returns and AllowancesSales	fill in the blank 80	fill in the blank 81
	Freight InOffice SuppliesPurchases Returns and AllowancesRent RevenueUnearned Rent	fill in the blank 83	fill in the blank 84
	Accounts PayableLandSalesSalaries PayableSales Salaries Expense	fill in the blank 86	fill in the blank 87
	Advertising ExpenseCashNotes PayablePurchases Returns and AllowancesSales	fill in the blank 89	fill in the blank 90
	Accounts ReceivableDelivery ExpenseNote PayableOffice EquipmentPurchases Returns and Allowances	fill in the blank 92	fill in the blank 93
	Accumulated Depreciation-Store EquipmentDepreciation Expense-Store EquipmentInterest RevenueOffice SuppliesStore Equipment	fill in the blank 95	fill in the blank 96
	Accounts PayableInterest RevenueMiscellaneous Selling ExpensePurchases DiscountsSales	fill in the blank 98	fill in the blank 99
	CashOffice EquipmentOffice Salaries ExpenseOffice SuppliesSalaries Payable	fill in the blank 101	fill in the blank 102
	Accounts ReceivableAccumulated Depreciation-Office Equip.Rent ExpenseRent RevenueUnearned Rent	fill in the blank 104	fill in the blank 105
	Accounts PayableInsurance ExpenseOffice SuppliesPrepaid InsurancePurchases Returns and Allowances	fill in the blank 107	fill in the blank 108
	Notes PayableOffice EquipmentOffice SuppliesOffice Supplies ExpenseSales	fill in the blank 110	fill in the blank 111
	Accumulated Depreciation-Office EquipmentDepreciation Expense-Office EquipmentOffice EquipmentOffice SuppliesPurchases Returns and Allowances	fill in the blank 113	fill in the blank 114
	Accounts ReceivableInterest ExpenseLandSalesUnearned Rent	fill in the blank 116	fill in the blank 117
	CashInterest RevenueMiscellaneous Administrative ExpensePrepaid InsuranceSalaries Payable	fill in the blank 119	fill in the blank 120
	Amy Gant, DrawingAmy Gant, CapitalCashInterest RevenueSales	fill in the blank 122	fill in the blank 123
June 30	Accounts ReceivableAmy Gant, DrawingAmy Gant, CapitalCashSales	fill in the blank 125	fill in the blank 126
	Amy Gant, DrawingCashInterest RevenuePurchasesSales	fill in the blank 128	fill in the blank 129

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