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Please help me answer this asap! Thanks in advance! Presented below are selected account balances for Sheridan Co. as of December 31, 2020. Inventory 12/31/20
Please help me answer this asap! Thanks in advance!
Presented below are selected account balances for Sheridan Co. as of December 31, 2020. Inventory 12/31/20 $59,710 Cost of Goods Sold $229,009 Common Stock 75,420 Selling Expenses 16,177 Retained Earnings 44,810 Administrative Expenses 37,408 Dividends 17,925 Income Tax Expense 30,410 Sales Returns and Allowances 12,202 Sales Discounts 14,910 Sales Revenue 407,140 Prepare closing entries for Sheridan Co.on December 31, 2020. (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 Ofor the amounts.) No. Account Titles and Explanation Debit Credit 1. Sales Revenue $407,140 Income Summary $407,140 (To close accounts with credit balances) 2. Income Summary $ Cost of Goods Sold $ GA Sales Returns and Allowances $ $ Sales Discounts $ Selling Expenses $ $ Administrative Expenses $ Income Tax Expense $ (To close accounts with debit balances) 3. Income Summary $ Retained Earnings $ (To close net income /(loss)) 4. Retained Earnings $ Dividends GA (To close dividends)Step by Step Solution
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