Answer Happy

Prepare the necessary closing entries. D. Flamont did not withdraw any cash during the month of January.
Presented below is information related to Ivanhoe Company, owned by D. Flamont, for the month of January 2021. Ending inventory per perpetual records $21,300 Insurance expense $12,200 Ending inventory actually on hand 18,300 Rent expense 21,200 Cost of goods sold 225,000 Salaries expense 55,500 Freight out 6,200 Sales discounts 8.800 12.800 Sales returns and allowances w Sales 367.000

Date Account Titles and Explanation Debit Credit Jan. 31 Sales 367000 Income Summary V 367000 (To close income statement account with credit balance.) Jan. 31 Income Summary v Cost of Goods Sold > Freight Out v Insurance Expense V Rent Expense Salaries Expense Sales Discounts

Jan. 31 Income Summary > Cost of Goods Sold Freight Out > Insurance Expense Rent Expense Salaries Expense Sales Discounts V Sales Returns and Allowances V (To close income statement accounts with debit balances.) Jan. 31 Income Summary D. Flamont, Capital (To close Income Summary account.)