Exercise 3-16

Presented below are selected account balances for Pharoah Co. as of December 31, 2017.

Inventory 12/31/17		$60,520		Cost of Goods Sold		$227,619
Common Stock		75,190		Selling Expenses		16,236
Retained Earnings		44,450		Administrative Expenses		38,252
Dividends		18,189		Income Tax Expense		29,730
Sales Returns and Allowances		11,790
Sales Discounts		15,120
Sales Revenue		403,060

Prepare closing entries for Pharoah 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.)

No. Account Titles and Explanation Debit Credit 1. (To close accounts with credit balances) 2. (To close accounts with debit balances) 3. (To close net income / (loss)) 4. 3. (To close net income / (loss)) 4. (To close dividends) Open Show Work Click if you would like to Show Work for this