Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me complete this question, show work. thank you! Presented below are selected account balances for Nash Co. as of December 31, 2020. Inventory

please help me complete this question, show work. thank you! image text in transcribed
image text in transcribed
Presented below are selected account balances for Nash Co. as of December 31, 2020. Inventory 12/31/20 $61090 Cost of Goods Sold $229,771 Selling Expenses Common Stock 74.650 15,967 Retained Earnings 45.220 Administrative Expenses 37,979 Dividends 18.288 Income Tax Expense 29.920 Sales Returns and Allowances 12,148 Sales Discounts 14,780 Sales Revenue 416,110 Prepare closing entries for Nash Co. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually If no entry is requires No. Account Titles and Explanation Debit Credit 1 Sales Revenue 416110 Inventory 61090 (To close accounts with credit balances) 2. Sales Returns and Allowances 12148 Cost of Goods Sold 229771 Sales Discounts 14780 Selling Expenses 15967 Administrative Expenses 37979 Income Tax Expense 29920 (To close accounts with deblit balances) 3 Dividends 18288 Common Stock 74650 (To close net income/(loss! 4. Retained Earnings 45220 Prepare closing entries for Nash 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 "Nc No. Account Titles and Explanation Debit Credit: Sales Revenue 1 416110 Inventory 61090 (To close accounts with credit balances 2. Sales Returns and Allowances 12148 Cost of Goods Sold 229771 Sales Discounts 14780 Selling Expenses 15967 Administrative Expenses 37979 Income Tax Expense 29920 (To close accounts with debit balances) Dividends 3. 18288 Common Stock 74650 (To close net income/(loss) 4 Retained Earnings 45220 (To close dividends)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions