Particulars PR Debit Credit

12/31 Sales Revenue ₱8,120,000.00

Rent Revenue ₱300,000.00

Sales Return and Allowances ₱240,000.00

Sales Discount ₱180,000.00

Income Summary ₱8,000,000.00

To close revenue accounts to Income Summary

Income Summary ₱7,130,000.00

Cost of Goods Sold ₱5,500,000.00

Freight out ₱90,000.00

Rent Expense ₱440,000.00

Salaries and Wages ₱1,100,000.00

To close expense account to Income Summary