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I need help finishing this problem, thanks Closing Entries; Net Income On March 31, 2049, the balances of the accounts appearing in the ledger of
I need help finishing this problem, thanks
Closing Entries; Net Income On March 31, 2049, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $170,000 Inventory $980,000 Accumulated Depreciation-Building 750,000 Notes Payable 250,000 Administrative Expenses 435,000 Office Supplies 20,000 Building 3,500,000 Retained Earnings 1,987,000 Cash 80,000 Salaries Payable 8,000 Common Stock 300,000 Sales 8,245,000 Cost of Goods Sold 5,500,000 Selling Expenses 575,000 Dividends 175,000 Store Supplies 90,000 Interest Expense 15,000 Journalize the closing entries. If an amount box does not require an entry, leave it blank. 2019 Mar. 31 Sales 8,245,000 Cost of Goods Sold 5,500,000 Selling Expenses 575,000 Administrative Expenses 435,000 Interest Expense 15,000 Mar. 31 Retained Earnings Dividends 175,000Step by Step Solution
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