Administrative Expenses

$203,880

, Income Tax Expense

$32,408

, and Dividends

$20,388

. Prepare the year-end closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)\\nAccount Titles and Explanation\\nDebit\\nCredit\\n(To close revenue accounts.)\\n(To close expense accounts.)

 

Transcribed Image Text:

ost of Goods Sold year-end account balances of Sales Revenue $833,235, Interest Revenue $12,7 Administrative Expenses $203,880, Income Tax Expense $32,408, and Dividends $20,388. Prepare the year-end closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit I (To close revenue accounts.) (To close expense accounts.) ost of Goods Sold year-end account balances of Sales Revenue $833,235, Interest Revenue $12,7 Administrative Expenses $203,880, Income Tax Expense $32,408, and Dividends $20,388. Prepare the year-end closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit I (To close revenue accounts.) (To close expense accounts.)

Answer rating: 100% (QA)

To prepare the yearend closing entries we need to close the revenue and expe... View the full answer