Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows.

$ millions	Debit	Credit
Net sales		$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 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
29-May	AnswerCost of salesNet salesRetained earnings		Answer	Answer
	AnswerCost of salesNet salesRetained earnings		Answer	Answer
	To close the revenue account.
29-May	AnswerCost of salesNet salesRetained earnings		Answer	Answer
	AnswerCost of salesNet salesRetained earnings		Answer	Answer
	SG&A expense and other		Answer	Answer
	Interest expense, net		Answer	Answer
	Income tax expense		Answer	Answer
	To close the expense accounts.

Net Sales
	Answer	16,689.6	Bal.
	Answer	Answer	Bal.

Retained Earnings
	Answer	12,041.4	Bal.
	Answer	Answer
	Answer	Answer	Bal.

Cost of Sales
Bal.	10,758.9	Answer
Bal.	Answer	Answer

SG&A Expense
Bal.	3,098.4	Answer
Bal.	Answer	Answer

Interest Expense, net
Bal.	329.1	Answer
Bal.	Answer	Answer

Income Tax Expense
Bal.	780.5	Answer Mark 1.00 out of 1.00
Bal.	Answer	Answer