CLOSING JOURNAL ENTRIES Prepare closing journal entries for Medina Company for the year ended December 31. Data
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CLOSING JOURNAL ENTRIES Prepare closing journal entries for Medina Company for the year ended December 31. Data for the closing entries are as follows:
Factory overhead, debit and credit balance .......$193,460
Sales for the year .................840,300
Interest revenue ....................800
Cost of goods sold .................560,400
Salaries expense ..................93,800
Office supplies expense .................2,200
Depreciation expense—office equipment ..........5,800
Utilities expense—office ...............6,100
Bad debt expense ....................1,940
Advertising expense ...................8,700
Interest expense ....................9,600
Income tax expense .................. 32,900
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DATE 20 Dec 31 Income Summary DESCRIPTION 31 Factory Overhead Fa...View the full answer
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