Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows S millions Debit Credit Net sales $16.596 Cost of sales $10.7589 Selling erat, & administrative experte other 3.09 Interest expense net Income tax expense 705 Stained earnings 120414 . Ascure the company has not yet closed any accounts to retained earnings. Prepare journal entries to clos accounts above set up the needed accounts, and post the closing entries. After these entries are posted balance of the retained earnings account (enter balance is Taccount) General Journal Date Description Debit Credit 29-May Retained earnings 16 Net sales 16.6896 To close the revenue account 29-May Retained earnings . 149669 Cost of sales . 10589 SGBA expense and other 340984 Interest expense.net 3291 Income tax expense . fans To close the expense accounts G a Net Sales 16,629.6 166895BM GB Retained Earnings 12.041.41 12.0414 B Cost of Sales 10.7589 10,25 SGAA Expense TA Hal Interest Expense.net 320 Hal Income Tax Expense TROS 7803 Bal