Question

Sweet has year-end account balances of Sales Revenue $811,419, Interest Revenue $12,690, Cost of Goods Sold $575,593, Administrative Expenses $189,840, Income Tax Expense $31,877, and Dividends $18,984. Prepare the year-end closing entries

Answer 1

Sales Revenue $811,419

Interest Revenue $12,690

Cost of Goods Sold $575,593

Administrative Expenses $189,840

Income Tax Expense $31,877

Dividends $18,984.

Year end Closing Entries Dr. Cr.

1.

Sales revenue $811,419

Interest revenue $12,690

Income Summary $824,109

2.

Income Summary $797,310

Cost of Goods Sold $575,593

Administrative Expenses $189,840

Income Tax Expenses $31,877

3.

Income Summary $26,799

Retained Earning $26,799

4.

Retained Earning $12,690

Dividend $824,109