Question: Presented below are selected account balances for Kirby Co. as of December 31, 2014. Instructions Prepare closing entries for Kirby Co. on December 31,2014. Merchandise

Presented below are selected account balances for Kirby Co. as of December 31, 2014.

Instructions
Prepare closing entries for Kirby Co. on December 31,2014.

Merchandise Inventory 12/31/14 Common Stock Retained Earnings Dividends Sales Returns and Allowances Sales Discounts $24,000 30,000 18,000 $164,000 90,280 6,400 7,200 Administrative Expenses 15,200 12,000 Sales Cost of Goods Sold Selling Expenses 4,800 6,000 Income Tax Expense

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