Presented Below are selected account balances for Kirby Company as of December 31, 2014 Merchandise Inventory 12/31/14 24,000 Common Stock 30,000 Retained Earnings 18,000 Dividends 7,200 Sales Returns and Allowances 4,800 Sales Discounts 6,000 Sales 164,000 Cost of Goods Sold 90,280 Selling Expenses 6,400 Administrative Expenses 15,200 Income Tax Expense 12,000 Prepare Closing Entries for Kirby Co. on December 31, 2014

Presented Below are selected account balances for Kirby Company as of December 31, 2014 Merchandise Inventory 12/31/14 24,000 Common Stock 30,000 Retained Earnings 18,000 Dividends 7,200 Sales Returns and Allowances 4,800 Sales Discounts 6,000 Sales 164,000 Cost of Goods Sold 90,280 Selling Expenses 6,400 Administrative Expenses 15,200 Income Tax Expense 12,000 Prepare Closing Entries for Kirby Co. on December 31, 2014

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Description: Presented below are selected account balances for Kirby Company as of December 31, 2014:- Merchandise Inventory 12/31/14: $24,000- Common Stock: $30,000- Retained Earnings: $18,000- Dividends: $7,200- Sales Returns and Allowances: $4,800- Sales Disc

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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