The adjusted trial balance of Armstrong Corporation at December 31 shows that sales revenue for the year was $ 520 comma 000 and other revenue was $ 47 comma 000. Cost of goods sold for that same period was $ 295 comma 000 , while other expenses totaled $ 200 comma 000. The corporation declared and paid dividends of $ 15 comma 000 during the year. The balance of retained earnings before closing entries was $ 490 comma 000. 1. Prepare the closing entries for revenues, expenses, and dividends for the year.
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Home » Business » The adjusted trial balance of Armstrong Corporation at December 31 shows that sales revenue for the year was $ 520 comma 000 and other revenue was $ 47 comma 000.