Question: PROBLEM 3 Closing entries for a corporation 18 points Presented below are selected account balances for Jenkins Co. as of December 31, 2021 Prepare the

PROBLEM 3 Closing entries for a corporation 18 points
Presented below are selected account balances for Jenkins Co. as of December 31, 2021
Prepare the closing journal entries.
Inventory 35,000
Common Stock 54,000
Retained earnings 26,000
Dividends 8,000
Sales returns and allowances 1,500
Sales discounts 700
Sales revenue 84,000
Cost of goods sold 33,600
Selling expenses 9,000
Administrative expenses 18,000
Income tax expense 12,000
Interest revenue 500
OPTIONAL BONUS - 2 POINTS
Compute ending retained earnings ______________

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