Question: can someone put this into excel or even just write this down and solve it/ explain this? Prepare the closing entries from the following accounts
Prepare the closing entries from the following accounts adapted from the records of Part Time Student Corp. (PTS) at 12/31/19 (amounts in thousands): Y Unearned revenues $ 229 Service revenue $17,134 Cost of goods sold 8,787 Notes Payable 11,942 Accumulated depreciation 13,161 Depreciation expense 2,705 Selling, gen., and admin expense 5,273 Other revenue 450 Retained earnings (12/31/18) 3,693 Dividends 457 Interest expense 190 Income tax expense Note: Be careful not to close out balance sheet accounts What is the net income for 2019? What is the balance in retained earnings at the end of 2019? 195 words A
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