3-4) Presented below are selected account balances for Pina Co. as of December 3

Question

3-4) Presented below are selected account balances for Pina Co. as of December 31, 2017.

Sales Revenue

Prepare closing entries for Pina Co. on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

402,900

Inventory 12/31/17 $59,970 Cost of Goods Sold $223,818 Common Stock 75,590 Selling Expenses 16,076 Retained Earnings 44,340 Administrative Expenses 38,613 Dividends 18,040 Income Tax Expense 29,780 Sales Returns and Allowances 11,773 Sales Discounts 14,780

Sales Revenue

Prepare closing entries for Pina Co. on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

402,900

Explanation / Answer

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

Date account and explanation debit credit Dec 31,2017 Sales Revenue 402900 Income summary 402900 (To close revenue account) Dec 31, 2017 Income summary 334840   Sales Returns and Allowances 11773 Sales Discounts 14780 Cost of Goods Sold 223818   Selling Expenses 16076 Administrative Expenses 38613 Income Tax Expense 29780 (To close expense account) Dec 31,2017 Income summary 68060 Retained earnings 68060 (To close income summary account) Dec 31,2017 Retained earnings 18040 Dividend 18040 (To close dividend account)

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