Lloyd Bookstore shows the following dividend, income and expense account balances on December 31 before closing: Debit
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Question:
Lloyd Bookstore shows the following dividend, income and expense account balances on December 31 before closing:
Debit | Credit | |
---|---|---|
dividends | $250 | |
sales revenue | $2,200 | |
cost of goods sold | 1,350 | |
Land Sale Profit | 300 | |
salary expenses | 300 | |
Public service spending | 130 | |
Miscellaneous expenses | 120 | |
Income from tax expenses | 180 |
Required:
Prepare closing entries.
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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