Prepare Closing Entries from the Following Information on the Warner $\quad$

question 45

Essay

Prepare closing entries from the following information on the Warner Books worksheet income statement columns.Additional information: Withdrawals equal $20 for the period.
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Income Statement }$
$\begin{array}{lll}& \text { Debit } & \text { Credit } \\\text { Sales } &&90\\\text { Sales Ret. and Allow. } & 8 &\\\text { Income Summary } & 16 &22 \\\text { Purchases } & 50 & \\\text { Pur. Ret, and Allow. } & & 8 \\\text { Sales Salaries Expense } & 12 & \\\text { Office Salaries Expense } & 4 &\end{array}$

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Definitions:

Price Elasticity

An indicator showing the demand for a good's responsiveness to its price alterations.

Consumer Purchases

Transactions in which individuals buy goods or services for personal use or consumption.

Elastic Demand

A market condition where the quantity demanded of a good or service significantly changes in response to changes in its price.

Price-Elasticity Coefficient

A calculation that assesses how a product's demand level shifts when its price varies.