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 -

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July 31

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July 31-

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