Presented below are selected account balances for Homer Winslow Co as of December 31, 2014. Instructions: Prepare closing entries

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Presented below are selected account balances for Homer Winslow Co as of December 31, 2014. Instructions: Prepare closing entries for Homer Winslow Co on December 31,2014. (Omit explanations) Inventory 12/31/14 $60,000 Cost of Goods Sold $225,700 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 410,000

Vita Lesch · Accepted Answer

Sales Revenue 410,000 debit         Income Summary    410,000 credit--to close revenues accounts--Income Summary               95,000 debit       Administrative Expenses          38,000  credit       Income Tax Expense                30,000  credit       Sales Returns and Allowances 12,000  credit       Sales Discounts                         15,000 credit--to close expenses and other-- Income Summary     18,000 debitDividends                                   18,000 credit--to close dividends--Income summary    297,000 debit    Retained Earnings      297,000 credit--to close the income summary against RE--Explanation:We have to close against income summary he temporary accounts:To close this accounts we need to post them in their opposite side of the normal balance. Revenues will be debited while expenses credited.At last, we solve for the income summary balance and close it against retained earnings410,000 - 95,000 - 18,000 = 297,000

Vita Lesch · Answer

answer; intellectual property protection;

Vita Lesch · Answer

The answer is dialectical inquiry

Ms. Lavinia Lowe IV

Presented below are selected account balances for Homer Winslow Co as of December 31, 2014. Instructions: Prepare closing entries

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