Question

Inventory 12/31/17 $59,030 Cost of Goods Sold $224,679 Common Stock 76,110 Selling Expenses 16,230 Retained Earnings 45,580 Administrative Expenses 38,719 Dividends 18,337 Income Tax Expense 30,480 Sales Returns and Allowances 11,914 Sales Discounts 15,020 Sales Revenue 417,650 Prepare closing entries for Wildhorse Co. on December 31, 2017.

Answer 1

Answer:

Prepare closing entries for Wildhorse Co. on December 31, 2017

Explanation:

Sales revenue         417.650  

Sales discount                  15.020

Cost of goods                224.679

Selling expense                    16.320

Administrative expense   38.719

Income tax expense          30.480

sales return and allowance 11.914  

retained earnings                  104.346