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Bal. Bal. Net Sales 16880.6 16,880.6 Bal. Bal. Retained Earnings 10797.1 12,117.8 3136.6 16,880.6 Cost of Sales 10,797.1 SG&A Expense Bal. Bal.

Bal. Bal. Net Sales 16880.6 16,880.6 Bal. Bal. Retained Earnings 10797.1 12,117.8 3136.6 16,880.6 Cost of Sales 10,797.1 SG&A Expense Bal. Bal.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows. $ millions Debit Net sales Cost of sales Selling, general, & administrative expense & other Interest expense, net Income tax expense Retained earnings Description Date 29-May Net sales Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. Set up the needed T-accounts, and post the closing entries. After these entries are posted, what is the balance of the retained earnings account (enter balance is T-account). General Journal Retained earnings To close the revenue account. 29-May Retained earnings Cost of sales $10,797.1 3,136.6 367.3 818.7 SG&A expense and other Interest expense, net Income tax expense To close the expense accounts. Debit 16880.6 Credit $16,880.6 15119.7 12,117.8 Credit 16880.6 10797.1 3136.6 367.3 818.7
Transcribed Image Text:Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows. $ millions Debit Net sales Cost of sales Selling, general, & administrative expense & other Interest expense, net Income tax expense Retained earnings Description Date 29-May Net sales Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. Set up the needed T-accounts, and post the closing entries. After these entries are posted, what is the balance of the retained earnings account (enter balance is T-account). General Journal Retained earnings To close the revenue account. 29-May Retained earnings Cost of sales $10,797.1 3,136.6 367.3 818.7 SG&A expense and other Interest expense, net Income tax expense To close the expense accounts. Debit 16880.6 Credit $16,880.6 15119.7 12,117.8 Credit 16880.6 10797.1 3136.6 367.3 818.7
Bal. Bal. Bal. Bal. Bal. Bal. Bal. Bal. Net Sales 16880.6 16,880.6 Bal. Bal. Retained Earnings 10797.1 12,117.8 3136.6 Cost of Sales 10,797.1 16,880.6 SG&A Expense 3,136.6 Interest Expense, net 367.3 Income Tax Expense 818.7 Bal. Bal.
Transcribed Image Text:Bal. Bal. Bal. Bal. Bal. Bal. Bal. Bal. Net Sales 16880.6 16,880.6 Bal. Bal. Retained Earnings 10797.1 12,117.8 3136.6 Cost of Sales 10,797.1 16,880.6 SG&A Expense 3,136.6 Interest Expense, net 367.3 Income Tax Expense 818.7 Bal. Bal.
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