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
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
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
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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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