Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows. $ millions Debit Net sales Credit $16,563.1 Cost of sales Selling, general, & administrative expense & other $10,733.6 3,073.1 Interest expense, net Income tax expense Retained earnings 755.2 11,990.8 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 Debit Credit 0 Date 29-May Net sales Description To close the revenue account. 29-May SG&A expense and other Interest expense, net 0 0 0 0 0 0 0 0 Income tax expense To close the expense accounts. Net Sales 16,563.1 Bal. 0 Bal. Retained Earnings 11,990.8 0 Cost of Sales 10,733.6 Bal. SG&A Expense Bal. 3,073.1 Bal. Bal. Bal. Bal. Bal. Interest Expense, net 303.8 Income Tax Expense 755.2 Bal. 0 0