Question - Closing Entries for a Corporation
Presented below are selected account balances for Alistair Co. as of December 31, 2012.
|
Inventory 12/31/12
|
$60,000
|
Cost of Goods sold
|
$235,700
|
|
Common Stock
|
75,000
|
Selling Expenses
|
16,000
|
|
Retained Earnings
|
45,000
|
Administrative Expenses
|
38,000
|
|
Dividends
|
18,000
|
Income Tax Expense
|
30,000
|
|
Sales Returns and Allowances
|
12,000
|
|
|
|
Sales Discounts
|
15,000
|
|
|
|
Sales Revenue
|
390,000
|
|
|
Instructions - Prepare closing entries for Alistair Co. on December 31, 2012.