Exercise 4-15 (Algo) Preparing closing entries for a merchandiser LO P3

The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Company. Use these normal account balances to journalize closing entries.

Dividends$ 38,000

Sales 549,000

Sales returns and allowances18,500

Sales discounts5,500

Cost of goods sold222,000

Sales salaries expense53,000

Utilities expense17,500

Selling expenses38,500

Administrative expenses110,000

Journal Entry worksheet

1) Record closing of credit balances in temporary accounts

2) Record closing of debit balances in temporary accounts

3) Record closing of income summary account

4) Record closing of Dividends accounts