Homework Answers
Solution:
| Closing Entries | |||
| No. | Account title and explanation | Debit | Credit |
| 1 | Sales | $44,000 | |
| Retained earnings | $44,000 | ||
| (To close revenue accounts) | |||
| 2 | Retained earnings | $27,500 | |
| Cost of Goods sold | $17,600 | ||
| Selling and Administrative Expense | $6,600 | ||
| Interest expense | $3,300 | ||
| (To close expense accounts) | |||
| 3 | Retained Earnings | $4,400 | |
| Dividends | $4,400 | ||
| (To close dividends) | |||
Ending retained earnings balance = $18700 + $44000 - 27500 - 4400 = $30,800
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