The following Trial balance were arranged for GPN Drug Store, Prepare the scene closing entries for the year ended Dec 31.

1,000

Sales revenue                                                                                                              40,000

Travel expense                                                                                                             875

Unearned revenue                                                                                                        5,000

Utilities expence                                                                                                             782

Owner capital                                                                                                                 28,545

Owner Draw                                                                                                                    1,000             

Requirement :

1) Complete Problem , the "Behind the Scene" closing entry to close all the Revenue accounts is a credit to Retained Earnings for the amount of ______________?

2)  Complete Problem , the "Behind the Scene" closing entry to close all the Expense accounts is a debit to Retained Earnings for the amount of _____.?( amount) 

3) Complete Problem , To close the Owner's Drawing account, the entry is one of the following:

Debit to the Owner's Drawing account

Credit to the Owner's Capital Account

Debit to the Miscellaneous Expense Account

Credit to the Owner's Drawing Account

Debit to the Cash Account

4) Complete Problem , In manual accounting, the Income Summary Account is closed to:

Cash

Owner's Capital

Owner's Draw

Revenue

Expenses