Preparing and Analyzing Closing Entries At December 31, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $72,300; Cost of Goods Sold, $38,000; Retained Earnings, $20,000; Interest Expense, $3,200; Dividends (declared and paid), $5,000; Wages Expense, $8,000, and Interest Payable, $2,100. Required: 1. Prepare the closing entries for Aulani at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Sales Revenue v Retained Earnings v Dec. 31. Retained Earnings v Cost of Goods Sold v Interest Expense Wages Expense v Dec. 31 Retained Earnings v Dividends v 00 00 00

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Preparing and Analyzing Closing Entries
At December 31, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $72,300; Cost of Goods Sold, $38,000;
Retained Earnings, $20,000; Interest Expense, $3,200; Dividends (declared and paid), $5,000; Wages Expense, $8,000, and Interest Payable, $2,100.
Required:
1. Prepare the closing entries for Aulani at December 31. If an amount box does not require an entry, leave it blank.
Dec. 31
Sales Revenue v
Retained Earnings v
Dec. 31 Retained Earnings v
Cost of Goods Sold v
Interest Expense
Wages Expense
Retained Earnings
Dec. 31
Dividends v
Feedback
Check My Work
1. The closing process is designed to transfer the balances in the temporary accounts (revenues, expenses, and dividends) to retained earnings and to prep
the temporary accounts for the next period.
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Transcribed Image Text:and learning resource from Cengage еВook Preparing and Analyzing Closing Entries At December 31, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $72,300; Cost of Goods Sold, $38,000; Retained Earnings, $20,000; Interest Expense, $3,200; Dividends (declared and paid), $5,000; Wages Expense, $8,000, and Interest Payable, $2,100. Required: 1. Prepare the closing entries for Aulani at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Sales Revenue v Retained Earnings v Dec. 31 Retained Earnings v Cost of Goods Sold v Interest Expense Wages Expense Retained Earnings Dec. 31 Dividends v Feedback Check My Work 1. The closing process is designed to transfer the balances in the temporary accounts (revenues, expenses, and dividends) to retained earnings and to prep the temporary accounts for the next period. Previc Check My Work Submit Assignment: Save and Exit Email Instructor
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