Presented below are selected account balances for Alistair Co. as of December 31, 2022.

Instructions

Prepare closing entries for Alistair Co. on December 31, 2022. Omit explanations.

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$ 60,000 Cost of Goods Sold Inventory 12/31/22 Share Capital-Ordinary $235.700 75,000 Selling Expenses 16,000 Retained Earnings 45,000 Administrative Expenses 38,000 Dividends 18,000 Income Tax Expense 30,000 Sales Returns and Allowances 12,000 Sales Discounts 15,000 Sales Revenue 390,000