Question

Vaughn has year-end account balances of Sales Revenue $841,310, Interest Revenue $14,260, Cost of Goods Sold $531,407, Administrative Expenses $181,980, Income Tax Expense $37,617, and Dividends $18,198. Prepare the year-end closing entries. (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.)

Answer 1

Answer:

Prepare the year-end closing entries.

Explanation:

d Sales revenue     841310  

d Interest revenue   14260  

c Cost of goods                          531407

c administrative expense             181980

c Income tax expense                   37617

c Retaining earnings                    104566

 

Retaining earnings 18198  

Dividens payable                         18198