Income summary 6,800.40

Question

Sales 264,048.10
Sales Discounts 5,941.00
Sales Returns and Allowances 7,921.40
Purchases 96,905.70
Transportation In 10,826.00
Purchases Discounts 3,168.60
Purch. Ret. and Allow. 4,224.80
Advertising Expense 12,444.10
Bankcard Fees Expense 5,281.00
Insurance Expense 1,050.00
Miscellaneous expense 2,732.00
Rent Expense 18,000.00
Supplies Expense 2,587.70
Utilities Expense 6,601.20
Fed. Corp. Inc. Tax Exp. 22,253.00
199,343.50 271,441.50
Net Income 72,098.00
271,441.50 271,441.50

Referring to the Income Statement in question #19, what is the
total amount of the first closing entry?

Answer 1

The total amount of the first closing entry is $271,441.50.