-6- Prepaid Advertising Expense 700 Advertising Expense 700 -7- Office Supplies 1,500 Office Expense 1,500 (c) Prepare closing entries and post to the accounts. Dec. 31 600,000 Income Summary 600,000 Dec. 31 Income Summary 556,210 Cost of Sold 408,000 Advertising Expense 6,000 Administrative Salaries Expense 65,000 Sales Salaries Expense 52,400 Office Expense 3,500
-6- Prepaid Advertising Expense 700 Advertising Expense 700 -7- Office Supplies 1,500 Office Expense 1,500 (c) Prepare closing entries and post to the accounts. Dec. 31 600,000 Income Summary 600,000 Dec. 31 Income Summary 556,210 Cost of Sold 408,000 Advertising Expense 6,000 Administrative Salaries Expense 65,000 Sales Salaries Expense 52,400 Office Expense 3,500
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