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Need help with the closing entries Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows. Assume the company
Need help with the closing entries
Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows. Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. Set up the need T-accounts, and post the closing entries. After these entries are posted, what is the balance of the retained earnings account (enter balance is T-account). \begin{tabular}{|l|l|l|} \hline \multicolumn{4}{|c|}{ Net Sales } \\ \hline 16880.6 & 16,880.6 & Bal. \\ \hline & & Bal. \\ \hline \end{tabular} \begin{tabular}{|r|r|l|} \hline \multicolumn{3}{|c|}{ Retained Earnings } \\ \hline 10797.1 & 12,117.8 & Bal. \\ \hline 3136.6 & 16,880.6 & \\ \hline & & Bal. \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{3}{|c}{ Cost of Sales } \\ \hline Bal. & 10,797.1 & \\ \hline Bal. & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{3}{|c|}{ SG\&A Expense } \\ \hline Bal. & 3,136.6 & \\ \hline Bal. & & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \hline \multicolumn{3}{|c|}{ Interest Expense, net } \\ \hline Bal. & 367.3 & \\ \hline Bal. & & \\ \hline \end{tabular} \begin{tabular}{l|l|l|} \hline \multicolumn{4}{|c|}{ Income Tax Expense } \\ \hline Bal. & 818.7 & \\ \hline Bal. & & \\ \hline \end{tabular}Step by Step Solution
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