woddns Preparing Closing Journal Entries KLA Tencor provides process control and yield management solutions for the semiconductor industry. Selected financial information from KLA Tencor as of June 30, 2018 follows Smillions Debit Credit Net sales 54,096,701 Cost of sales 51.447.369 Selling general administrative expense & other 1.019,025 Interest expense net 11437 Income tax expense 653666 Retained earning B 457 Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. Set up the needed T-accounts, and post the closing entries. After these entries are posted, what is the balance of the retained earnings account (enter balance is T-account). General Journal Date Description Debit Credit 30 June . 0 . To close the revenue account 30-June 0 0 0 0 0 SGSA expense and other Interest expense, net Income tax expense To close the expense accounts 0 0 Net Sales 0 4,036,701 Bal. 0 0 Bal. Retained Earnings 0 848,457 Bal. 0 0 0 0 Bal. Bal. Cost of Sales 1,447,369 0 0 Bal. 0 SG&A Expense 1,019,025 Bal. 0 Bal. 0 0 Interest Expense, net 114,376 0 Bal. Bal. 0 0 Income Tax Expense 653,666 0 Bal. Bal. 0 0