Question

Vaughn has year-end account balances of Sales Revenue $841,310, Interest Revenue $14,260, Cost of Goods Sold $531,407, Administrative Expenses $181,980, Income Tax Expense $37,617, and Dividends $18,198. 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 0 for the amounts.)

Answer 1

Prepare the year-end closing entries.

Step-by-step explanation:

d Sales revenue 841310

d Interest revenue 14260

c Cost of goods 531407

c administrative expense 181980

c Income tax expense 37617

c Retaining earnings 104566

Retaining earnings 18198

Dividens payable 18198