Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows. Smillions Debit Credit Net sales 516,561 Cost of sales $10.733.6 Selling general & administrative expenses other 300731 Interest expense.net 303 Income tax expense 755 Retained earnings Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to dose the temporary accounts above. Set up the needed accounts, and post the closing entries. After these entries are posted, what is the balance of the retained earnings account (enter balance is account) General Journal Date Description Debit Credit 29 May . O 0 0 0 To close the revenue account 29 May 0 0 0 0 SGLA expense and other Interest expense.net Income tax expense To do the expense accounts 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 Description Debit Credit 29-May Date To close the revenue account 29-May SGSA expense and other Interest expense.net Income tax experte to close the expense accounts Net Sales 165631 Bal Dal Retained Earnings 11.9900 Cost of Sales Bal. Retained Earnings 11.990.8 Bal. Bal. Cost of Sales 10.733.6 Bal Bal SGA Expense 3,073.1 Bal. Bal Interest Expense, net 303.8 Bal. B Income Tax Expense 755.2 Bal Bal