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 Date 29-May 29-May 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 Bal Bal Bal Bal Bal Bal Bal Ball # To close the revenue account. + • Description SG&A expense and other Interest expense, net Income tax expense To close the expense accounts. Net Sales Retained Earnings 10,780.4 16.797.1 Bal Bal. 3,119.9 Cost of Sales 12.084.4 Bal. SG&A Expense Interest Expense, net 350.6 Income Tax Expense 802.0 Bal $10,780.4 3.119.9 350.6 802.0 Debit Credit $16,797.1 12,084.4 Credit

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 Date 29-May 29-May 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 Bal Bal Bal Bal Bal Bal Bal Ball # To close the revenue account. + • Description SG&A expense and other Interest expense, net Income tax expense To close the expense accounts. Net Sales Retained Earnings 10,780.4 16.797.1 Bal Bal. 3,119.9 Cost of Sales 12.084.4 Bal. SG&A Expense Interest Expense, net 350.6 Income Tax Expense 802.0 Bal $10,780.4 3.119.9 350.6 802.0 Debit Credit $16,797.1 12,084.4 Credit

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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The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Company. Use these normal account balances to journalize closing entries. Dividends $ 45,000 Sales 577,000 Sales returns and allowances 19,900 Sales discounts 6,200 Cost of goods sold 236,000 Sales salaries expense 60,000 Utilities expense 21,000 Selling expenses 42,000 Administrative expenses 117,000
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