Prepare closing journal entries for Koehn Company for the year
Prepare closing journal entries for Koehn Company for the year ended December 31. Data for the closing entries are as follows:
Factory overhead, debit and credit balances ......... $199,200
Sales for the year .................. 877,400
Interest revenue .................... 850
Cost of goods sold .................. 581,000
Salaries expense ................... 97,300
Office supplies expense ................ 2,260
Depreciation expense--office equipment ......... 6,040
Utilities expense--office ................ 6,260
Bad debt expense ................... 2,020
Advertising expense .................. 9,100
Interest expense ................... 9,900
Income tax expense .................. 34,700

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