Exercise 3-16

Presented below are selected account balances for Metlock Co. as of December 31, 2020.

Inventory 12/31/20 $60,100 Cost of Goods Sold $221,463

Common Stock 74,510 Selling Expenses 15,783

Retained Earnings 45,810 Administrative Expenses 37,696

Dividends 17,726 Income Tax Expense 30,460

Sales Returns and Allowances 11,822

Sales Discounts 14,760

Sales Revenue 404,990

closing entries for Metlock Co. on December 31, 2020. (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.)

No. Account Titles and Explanation Debit Credit

1.

enter an account title to close accounts with credit balances

enter a debit amount

enter a credit amount

enter an account title to close accounts with credit balances

enter a debit amount

enter a credit amount

(To close accounts with credit balances)

2.

enter an account title to close accounts with debit balances

enter a debit amount

enter a credit amount

enter an account title to close accounts with debit balances

enter a debit amount

enter a credit amount

enter an account title to close accounts with debit balances

enter a debit amount

enter a credit amount

enter an account title to close accounts with debit balances

enter a debit amount

enter a credit amount

enter an account title to close accounts with debit balances

enter a debit amount

enter a credit amount

enter an account title to close accounts with debit balances

enter a debit amount

enter a credit amount

enter an account title to close accounts with debit balances

enter a debit amount

enter a credit amount

(To close accounts with debit balances)

3.

enter an account title to close net income or loss

enter a debit amount

enter a credit amount

enter an account title to close net income or loss

enter a debit amount

enter a credit amount

(To close net income / (loss))

4.

enter an account title to close dividends

enter a debit amount

enter a credit amount

enter an account title to close dividends

enter a debit amount

enter a credit amount

(To close dividends)