The following accounts appear on Nordstrom’s 2011 financial statements as reported in its Form 10-K for the fiscal year ended January 28, 2012. The accounts are listed in alphabetical order, and the balance in each account is the normal balance for that account. All amounts are in millions of dollars. Prepare closing entries for Nordstrom for 2011.
Cash Dividends Paid ................................................................................$ 197
Cost of Sales and Related Buying and Occupancy Costs........................6,592
Credit Card Revenues.................................................................................380
Income Tax Expense...................................................................................436
Interest Expense, net..................................................................................130
Net Sales...............................................................................................10,497
Selling, General and Administrative Expenses: Credit...............................229
Selling, General and Administrative Expenses: Retail............................2,807