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    wu-baller's Avatar
    wu-baller Posts: 1, Reputation: 1
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    #1

    Jan 28, 2010, 07:10 PM
    Closing Entries for a Corporation
    Presented below are selected account balances for Alistair Co. as of December 31, 2010.

    Merchandise Inventory 12 ⁄31 ⁄10 $60,000 Cost of Goods Sold $235,700
    Common Stock 75,000 Selling Expenses 16,000
    Retained Earnings 45,000 Administrative Expenses 38,000
    Dividends 18,000 Income Tax Expense 30,000
    Sales Returns and Allowances 12,000
    Sales Discounts 15,000
    Sales 390,000

    Prepare closing entries for Alistair Co. on December 31, 2010
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Jan 29, 2010, 01:10 AM

    Please see the guidelines for posting homework problems:
    https://www.askmehelpdesk.com/financ...-b-u-font.html

    There's an example here. Try to follow it to do yours:
    Principles of Accounting Chapter 4
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