Brief Exercise 3-11 Windsor has year-end account balances of Sales Revenue $795,

Question

Brief Exercise 3-11 Windsor has year-end account balances of Sales Revenue $795,635, Interest Revenue $14,740, Cost of Goods Sold $567,566, Administrative Expenses $205,540, Income Tax Expense $35,298, and Dividends $20,554. 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 1. To close revenue accounts.) 2. To close expense accounts.) 3. (To close income/(loss).) 4. (To close dividends.)

Explanation / Answer

Journal Entries (Amount in $)

No. Account Titles and Explanation Debit Credit 1) Sales Revenue 795,635 Interest Revenue 14,740 Income Summary 810,375 (To close revenue accounts) 2) Income Summary 808,404 Cost of goods sold 567,566 Administrative Expenses 205,540 Income Tax Expense 35,298 (To close expense accounts) 3) Income Summary ($810,375-$808,404) 1,971 Retained Earnings 1,971 [To close income/(loss)] 4) Retained Earnings 20,554 Dividends 20,554 (To close dividends)

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