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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)

Sagot :

Tundexi

Answer:

No.    Account Titles and Explanation         Debit           Credit

1         Sales Revenue                                  $410,200

                Income Summary                                             $410,200

          (To close accounts with credit balances)  

2.        Income Summary                               $339,961

                 Sales return & Allowance                                $12,116

                 Sales Discounts                                                $14,740

                 Cost of Goods Sold                                          $229,610

                 Selling Expense                                                $15,940

                 Administrative expense                                   $37,625

                 Income tax expense                                         $29,930

          (To close accounts with debit balances)

3.           Income Summary                              $70,239

                    Retained Earnings                                           $70,239

           (To close net income / (loss))

4.          Retained Earnings                               $17,920  

                     Dividends                                                         $17,920

            (To close dividends)

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