Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows. S millions Debit Credit Net sales 516.7971 Cost of sales 510,780,4 Selling general, 8 administrative expense & other 21199 Interest expense.net 350.6 Income tax expense 302.0 Retained earnings 12034 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 Taccount). General Journal Date Description Debit 25-May Credit . 0 0 To close the revee count 29-May O O 0 0 0 0 0 0 SGLA expense and other Interest expensent Income tax expense To do the expense accounts 0 D Net Sales o 16,797.1 0 Bal OB Retained Earnings 0 120844 Bal. 0 0 0 0 Bal. Cost of Sales Bal. 10,780.4 0 Bal. 0 0 SG&A Expense Bal. 3.119.9 0 Bal. O 0 Interest Expense, net 350.6 0 Bal. Bal. 0 0 Income Tax Expense 802.0 0 Bal. Bal. 0 0