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7 November, 15:41

Sweet has year-end account balances of Sales Revenue $811,419, Interest Revenue $12,690, Cost of Goods Sold $575,593, Administrative Expenses $189,840, Income Tax Expense $31,877, and Dividends $18,984. Prepare the year-end closing entries

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  1. 7 November, 15:56
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    Sales Revenue $811,419

    Interest Revenue $12,690

    Cost of Goods Sold $575,593

    Administrative Expenses $189,840

    Income Tax Expense $31,877

    Dividends $18,984.

    Year end Closing Entries Dr. Cr.

    1.

    Sales revenue $811,419

    Interest revenue $12,690

    Income Summary $824,109

    2.

    Income Summary $797,310

    Cost of Goods Sold $575,593

    Administrative Expenses $189,840

    Income Tax Expenses $31,877

    3.

    Income Summary $26,799

    Retained Earning $26,799

    4.

    Retained Earning $12,690

    Dividend $824,109
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