Question
SkysongInc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2021. The following information has been
SkysongInc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2021. The following information has been taken from the adjusted trial balance:
Accounts payable
$23,500Interest expense
$5,700Cash dividendscommon
64,000Notes payable
103,000Common shares
209,000Retained earnings (Aug. 1, 2020)
329,300Cost of goods sold
308,500Salaries expense
129,500Dividends payable
14,700Sales
659,500Income tax expense
26,000Supplies expense
11,500Income tax payable
2,700Unearned revenue
11,500
All accounts have normal balances and total assets equal $808,000.Skysonghas a20% income tax rate.
July 31 balance is 428,740
Prepare closing journal entries
For
July 31 -
-
July 31
-
-
-
-
-
-
July 31-
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