Question 2

Presented below are selected account balances for Tamarisk Co. as of December 31, 2017.

Inventory 12/31/17		$60,050		Cost of Goods Sold		$229,610
Common Stock		74,370		Selling Expenses		15,940
Retained Earnings		45,010		Administrative Expenses		37,625
Dividends		17,920		Income Tax Expense		29,930
Sales Returns and Allowances		12,116
Sales Discounts		14,740
Sales Revenue		410,200

Prepare closing entries for Tamarisk Co. on December 31, 2017. (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.
	(To close accounts with credit balances)
2.
	(To close accounts with debit balances)
3.
	(To close net income / (loss))
4.
	(To close dividends)