Presented below are selected account balances for Johnson Co. as of December 31, 2020.Inventory 12/31/20 $60,050 Cost of Goods Sold $229,610Common Stock 74,370 Selling Expenses 15,940Retained Earnings 45,010 Administrative Expenses 37,625Dividends 17,920 Income Tax Expense 29,930Sales Returns and Allowances 12,116 Sales Discounts 14,740 Sales Revenue 410,200 Prepare closing entries for Johnson Co. on December 31, 2020.

Name: Presented below are selected account balances for Johnson Co. as of De
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Description: Presented below are selected account balances for Johnson Co. as of December 31, 2020.Inventory 12/31/20 $60,050 Cost of Goods Sold $229,610Common Stock 74,370 Selling Expenses 15,940Retained Earnings 45,010 Administrative Expenses 37,625Dividends 17

Record closing entries for Johnson Co. on December 31, 2020 as shown below:

Answered: Presented below are selected account…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Presented below are selected account balances for Johnson Co. as of December 31, 2020.

Inventory 12/31/20	$60,050	Cost of Goods Sold	$229,610
Common Stock	74,370	Selling Expenses	15,940
Retained Earnings	45,010	Administrative Expenses	37,625
Dividends	17,920	Income Tax Expense	29,930
Sales Returns and Allowances	12,116
Sales Discounts	14,740
Sales Revenue	410,200

Prepare closing entries for Johnson Co. on December 31, 2020.

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