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Inventory 12/31/20 $59,550 Cost of Goods Sold $222,005 Common Stock 76,250 Selling Expenses 15,964 Retained Earnings 44,780 Administrative Expenses 37,422 Dividends 18,160 Income Tax Expense
Inventory 12/31/20
$59,550
Cost of Goods Sold
$222,005
Common Stock
76,250
Selling Expenses
15,964
Retained Earnings
44,780
Administrative Expenses
37,422
Dividends
18,160
Income Tax Expense
30,070
Sales Returns and Allowances
11,865
Sales Discounts
15,140
Sales Revenue
405,210
Prepare closing entries for James Co. on December 31, 2017
Inventory 12/31/20 |
| $59,550 |
| Cost of Goods Sold |
| $222,005 |
Common Stock |
| 76,250 |
| Selling Expenses |
| 15,964 |
Retained Earnings |
| 44,780 |
| Administrative Expenses |
| 37,422 |
Dividends |
| 18,160 |
| Income Tax Expense |
| 30,070 |
Sales Returns and Allowances |
| 11,865 |
|
|
|
|
Sales Discounts |
| 15,140 |
|
|
|
|
Sales Revenue |
| 405,210 |
|
|
|
|
Prepare closing entries for James Co. on December 31, 2017
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