Presented below is information related to Headland Corporation for the month of January 2017.
Cost of goods sold $221,450
Salaries and wages expense $62,960
Delivery expense 6,300
Sales discounts 8,320
Insurance expense 11,900
Sales returns and allowances 12,540
Rent expense 18,370
Sales revenue 364,700
Required:
1. Prepare the necessary closing entries.

Explanation:

The above stated accounts are closed into the statement of Income and expenditure account

Account Title                                  Dr                              Cr

                                                          $                                $

Cost of goods sold                                                      221,450

Salaries & wages                                                          62,960

Delivery Expenses                                                          6,300

Sale Discount                                                                   8,320

Insurance Expenses                                                        11,900

Sales Return & Allowances                                             12,540

Rent Expenses                                                                  18,370

Income summary                             341,840

Sales Revenue                                364,700

Income summary                                                             364,700

the answer is     d. in our global economy, most job growth will be in services, but manufacturing jobs will exist, too.