The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $63,500; Dividends, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000; Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.

Dr Income summary52,500

Cr Sales Returns and Allowances 3,000

Cr Sales Discounts 1,500

Cr Depreciation Expense 25,000

Cr Salaries Expense 23,000

Explanation:

Preparation of the second closing entry

Based on the information given the second closing entry will be :

Dr Income summary52,500

(3,000+1,500+25,000+23,000)

Cr Sales Returns and Allowances 3,000

Cr Sales Discounts 1,500

Cr Depreciation Expense 25,000

Cr Salaries Expense 23,000

(Being To record closing of expenses and contra sales accounts

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clarify customers’ doubts only when asked.