Question
Presented below are selected account balances for Blue Co. as of December 31, 2020. Inventory 12/31/20 $60,260 Cost of Goods Sold $223,793 Common Stock 73,760
Presented below are selected account balances for Blue Co. as of December 31, 2020.
| Inventory 12/31/20 | $60,260 | Cost of Goods Sold | $223,793 | |||
|---|---|---|---|---|---|---|
| Common Stock | 73,760 | Selling Expenses | 15,746 | |||
| Retained Earnings | 45,260 | Administrative Expenses | 38,647 | |||
| Dividends | 17,810 | Income Tax Expense | 29,630 | |||
| Sales Returns and Allowances | 12,207 | |||||
| Sales Discounts | 15,210 | |||||
| Sales Revenue | 416,460 |
Prepare closing entries for Blue Co. on December 31, 2020
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Accounting Tools for business decision making
Authors: kimmel, weygandt, kieso
4th Edition
978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461
