please complete the closing journal entries
please help me close the income statment and dividends accounts.
heres some more information...
complete the income statment. information is given to help complete the closing income statments.
Trial Balance and Adjustments Instructions: Use the data provided to complete your income statement. Do Instructions: Prepare the closing journal entries for Pane Company. Once you have recorded the journal entries, post them to the "T-Accounts - Closing" tab. Remember: your debit or credit to retained earnings in this journal entry should equal your net income on the income statement. 5. Use the following check figures as you move through the project. If you your t-accounts to ensure you posted your journal entries correctly, the Total Debits for Transactions A-S: $185,804,400 Total Debits for Adjusting Entries: $2,851,957 Total Debits for All Transactions: $188,656,357 Net Income: $32,281,043 Total Assets: $563,253,063 Journal Entries Account Name A Dr. inventory \begin{tabular}{ll} \multicolumn{2}{c}{ Debit } \\ $9,755,050 \end{tabular} Credit Cr. accounts payable $9,755,050 B Dr. cash $63,000 Cr. unearned rent revenue $63,000 C Dr. Accounts payable Cr. cash Cr. discount D Dr. Pre-paid Insurance $20,000 Cr. Cash $20,000 E Dr. Inventory $12,334,000 Cr. Accounts Payable $12,334,000 F Dr. Cost of Goods Sold \$ 13,250,000 Cr. Inventory \$ 13,250,000 Dr. Cash \$ 5,367,000 Dr. Accounts Reciveable $40,054,000 rr Saloc Rowenus S ALAJTinon B C D E FGH F. Dr. Cost of Goods Sold $13,250,000 Cr. Inventory \$ 13,250,000 Dr. Cash \$ 5,367,000 Dr. Accounts Reciveable $40,054,000 Cr. Sales Revenue $45,421,000 G Dr. Accounts Payable $12,334,000 Cr. Cash S 12,334,000 H Dr. Patents $90,000 Cr. Cash I Dr. Cash Cr. Common Stock Cr. Additional Paid-In Capital J Dr. Land $124,600 Cr. Cash $124,600 K Dr. Notes Recievable S 200,000 Cr. Cash \$ 200,000 L Dr. Accounts Reciveable \$ 20,000,000 Cr. Sales Revenue $20,000,000 A B C D E FGH L. Dr. Accounts Reciveable $20,000,000 Cr. Sales Revenue \$ 20,000,000 Dr. Cost of Goods sold $6,350,000 Cr. Inventory M Dr. Equipment \$ 895,280 Cr. Cash N Dr. Cash $43,758,000 Cr. Accounts Reciveable $43,758,000 O Dr. Cash Dr. Accumlated Depreciation Dr. Equipment Gr. Gain on the sale of equipment $55,000 P Dr. Income Tax Expense $2,000,000 Cr. Cash $2,000,000 Q. Dr. Salaries Expense $8,750,000 Cr. Cash S 8,750,000 R Dr. Allowance for doutbful accounts $3,000 Cr. Accounts Receivable $3,000 \$ 488,790 r. depreciation expense Cr. accumilated depreciation $2,556,000 $2556,000 amortization expense Check figures: Total debits should equal total credits. \begin{tabular}{|r|r|} \hline 188,913,460 & 188,913,460 \\ \hline \end{tabular} Trial Balance and Adjustments Instructions: Use the data provided to complete your income statement. Do Instructions: Prepare the closing journal entries for Pane Company. Once you have recorded the journal entries, post them to the "T-Accounts - Closing" tab. Remember: your debit or credit to retained earnings in this journal entry should equal your net income on the income statement. 5. Use the following check figures as you move through the project. If you your t-accounts to ensure you posted your journal entries correctly, the Total Debits for Transactions A-S: $185,804,400 Total Debits for Adjusting Entries: $2,851,957 Total Debits for All Transactions: $188,656,357 Net Income: $32,281,043 Total Assets: $563,253,063 Journal Entries Account Name A Dr. inventory \begin{tabular}{ll} \multicolumn{2}{c}{ Debit } \\ $9,755,050 \end{tabular} Credit Cr. accounts payable $9,755,050 B Dr. cash $63,000 Cr. unearned rent revenue $63,000 C Dr. Accounts payable Cr. cash Cr. discount D Dr. Pre-paid Insurance $20,000 Cr. Cash $20,000 E Dr. Inventory $12,334,000 Cr. Accounts Payable $12,334,000 F Dr. Cost of Goods Sold \$ 13,250,000 Cr. Inventory \$ 13,250,000 Dr. Cash \$ 5,367,000 Dr. Accounts Reciveable $40,054,000 rr Saloc Rowenus S ALAJTinon B C D E FGH F. Dr. Cost of Goods Sold $13,250,000 Cr. Inventory \$ 13,250,000 Dr. Cash \$ 5,367,000 Dr. Accounts Reciveable $40,054,000 Cr. Sales Revenue $45,421,000 G Dr. Accounts Payable $12,334,000 Cr. Cash S 12,334,000 H Dr. Patents $90,000 Cr. Cash I Dr. Cash Cr. Common Stock Cr. Additional Paid-In Capital J Dr. Land $124,600 Cr. Cash $124,600 K Dr. Notes Recievable S 200,000 Cr. Cash \$ 200,000 L Dr. Accounts Reciveable \$ 20,000,000 Cr. Sales Revenue $20,000,000 A B C D E FGH L. Dr. Accounts Reciveable $20,000,000 Cr. Sales Revenue \$ 20,000,000 Dr. Cost of Goods sold $6,350,000 Cr. Inventory M Dr. Equipment \$ 895,280 Cr. Cash N Dr. Cash $43,758,000 Cr. Accounts Reciveable $43,758,000 O Dr. Cash Dr. Accumlated Depreciation Dr. Equipment Gr. Gain on the sale of equipment $55,000 P Dr. Income Tax Expense $2,000,000 Cr. Cash $2,000,000 Q. Dr. Salaries Expense $8,750,000 Cr. Cash S 8,750,000 R Dr. Allowance for doutbful accounts $3,000 Cr. Accounts Receivable $3,000 \$ 488,790 r. depreciation expense Cr. accumilated depreciation $2,556,000 $2556,000 amortization expense Check figures: Total debits should equal total credits. \begin{tabular}{|r|r|} \hline 188,913,460 & 188,913,460 \\ \hline \end{tabular}
