Preparing Closing Journal Entries

Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows. Debit Credit $ millions Net sales Cost of sales Selling, general, & administrative expense & other Interest expense, net Income tax expense Retained earnings $16,852.6 $10,791.5 3,131.0 361.7 813.1 12,106.6 Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. Set up the needed 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). General Journal Date Description Debit Credit 26-May Net sales 16,852.6 Retained earnings 12,106.6X To close the revenue account. 26-M ay Retained earnings 2,106.6X Cost of sales 0,791.5