Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows. $ millions Debit Net sales Credit $16.689.6 Cost of sales $10.758.9 Selling general, & administrative expense & other 3.098.4 Interest expense, net 329.1 Income tax expense 780.5 Retained earnings 12.041.4 Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to clos accounts above. Set up the needed T-accounts, and post the closing entries. After these entries are posted balance of the retained earnings account (enter balance is T-account). General Journal Date Description Debit Credit 29-May Retained earnings 164896 Net sales 16,689.6 To close the revenue account 29-May Retained earnings 14.9669 Q Cost of sales G 10.758.9 SG&A expense and other 0 3.098.4 Interest expense, net O 329.1 Income tax expense 0 780.5 To close the expense accounts. Net Sales 16,689.6 16,689.6 Bal Bal Retained Earnings 12,041.4 12.041.4 Bal O 0 BM Cost of Sales Bal 10,758.9 10,759 B SG&A Expense Bal 3004 B 30984 Bal interest Expense, net 329.1 Bal Income Tax Expense 7805 780.5 Bal