Answer:
Dr Sales Revenue $843,779
Dr Interest Revenue $12,160
Cr Income Summary $855,939
Dr Income Summary $745,754
Cr Cost of Goods Sold $531,052
Cr Administrative Expenses $177,930
Cr Income Tax Expense $36,772
Dr Income Summary $110,185
Cr Retained Earnings $110,185
Dr Retained Earnings $17,793
Cr Dividends $17,793
Explanation:
Preparation for the year-end closing entries.
Dr Sales Revenue $843,779
Dr Interest Revenue $12,160
Cr Income Summary $855,939
($843,779+$12,160)
Dr Income Summary $745,754
($531,052+$177,930+$36,772)
Cr Cost of Goods Sold $531,052
Cr Administrative Expenses $177,930
Cr Income Tax Expense $36,772
Dr Income Summary $110,185
($855,939-$745,754)
Cr Retained Earnings $110,185
Dr Retained Earnings $17,793
Cr Dividends $17,793
