Question: Current Attempt in Progress Your answer is partially correct. Pharoah has year-end account balances of Sales Revenue $843,779, Interest Revenue $12,160, Cost of Goods

Current Attempt in Progress Your answer is partially correct. Pharoah has year-endaccount balances of Sales Revenue $843,779, Interest Revenue $12,160, Cost of Goods

Current Attempt in Progress Your answer is partially correct. Pharoah has year-end account balances of Sales Revenue $843,779, Interest Revenue $12,160, Cost of Goods Sold $531,052, Administrative Expenses $177,930, Income Tax Expense $36,772, and Dividends $17.793. 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.) No. Account Titles and Explanation Debit Credit 1 Sales Revenue Interest Revenue Income Summary (To close revenue accounts.) 2 Income Summary Cost of Goods Sold Administrative Expenses Income Tax Expense Interest Revenue 843779 12160 855939 531052 177930 36772

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!