Question
Presented below are selected account balances forSheffieldCo. as of December 31, 2020. Inventory 12/31/20 $60,190Cost of Goods Sold $228,174Common Stock 74,190Selling Expenses 15,963Retained Earnings 44,110Administrative
Presented below are selected account balances forSheffieldCo. as of December 31, 2020.
Inventory 12/31/20
$60,190Cost of Goods Sold
$228,174Common Stock
74,190Selling Expenses
15,963Retained Earnings
44,110Administrative Expenses
37,903Dividends
17,932Income Tax Expense
29,630Sales Returns and Allowances
11,865Sales Discounts
14,880Sales Revenue
411,230
Prepare closing entries forSheffieldCo. on December 31, 2020
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Managerial Accounting
Authors: Carl Warren
14th Edition
1337516147, 978-1337270595
