CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 3-11 Wildhorse h

Question

CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 3-11 Wildhorse has year-end account balances of Sales Revenue $879,737, Interest Revenue $14,550, Cost of Goods Sold $603,137, Administrative Expenses $190,820, Income Tax Expense $36,291, and Dividends $19,082. Prepare the year-end closing entries. (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 O for the amounts.) No. Account Titles and Explanation Debit Credit (To close revenue accounts.) 2. To close expense accounts.) To close income/(loss).) 4

Explanation / Answer

Year end closing entries No. Account Titles and explanation Debit Credit 1 Sales Revenue $879,737 Interest Revenue $14,550 Income Summary $894,287 (to close revenue accounts) 2 Income Summary $830,248 Cost of goods sold $603,137 Administrative Expenses $190,820 Income Tax Expense $36,291 (to close expense accounts) 3 Income Summary $64,039 Retained Earnings $64,039 (to transfer net income to retained earnings) 4 Retained Earnings $19,082 Dividends $19,082 (to record dividend payable)

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