Presented below are selected account balances for Waterway Co. as of December 31, 2020. Inventory 12/31/20 $59,720 Cost of Goods Sold $221,742 Common Stock 74,480 Selling Expenses 16,099 Retained Earnings 45,730 Administrative Expenses 38,667 Dividends 18,066 Income Tax Expense 29,820 Sales Returns and Allowances 12,144 Sales Discounts 15,250 Sales Revenue 415,540 Prepare closing entries for Waterway Co. on December 31, 2020. (Credit account titles are automatically indented w entered. Do not indent monualy If

Presented below are selected account balances for Waterway Co. as of December 31, 2020. Inventory 12/31/20 $59,720 Cost of Goods Sold $221,742 Common Stock 74,480 Selling Expenses 16,099 Retained Earnings 45,730 Administrative Expenses 38,667 Dividends 18,066 Income Tax Expense 29,820 Sales Returns and Allowances 12,144 Sales Discounts 15,250 Sales Revenue 415,540 Prepare closing entries for Waterway Co. on December 31, 2020. (Credit account titles are automatically indented w entered. Do not indent monualy If

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Description: Presented below are selected account balances for Waterway Co. as of December 31, 2020.Inventory 12/31/20$59,720Cost of Goods Sold$221,742Common Stock74,480Selling Expenses16,099Retained Earnings45,730Administrative Expenses38,667Dividends18,066Inco

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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