The adjusted trial balance of Splish Brothers at December 31 shows Inventory $20,500, Sales Revenue $160,900, Sales Returns and Allowances $4,150, Sales Discounts $3,800, Cost of Goods Sold $92,000, Interest Revenue $5,300, Freight-Out $1,400, Utilities Expense $7,750, and Salaries and Wages Expense $24,500. Prepare the closing entries for Splish Brothers for these accounts. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

The adjusted trial balance of Splish Brothers at December 31 shows Inventory $20,500, Sales Revenue $160,900, Sales Returns and Allowances $4,150, Sales Discounts $3,800, Cost of Goods Sold $92,000, Interest Revenue $5,300, Freight-Out $1,400, Utilities Expense $7,750, and Salaries and Wages Expense $24,500. Prepare the closing entries for Splish Brothers for these accounts. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

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Description: The adjusted trial balance of Splish Brothers at December 31 shows Inventory $20,500, Sales Revenue $160,900, Sales Returns andAllowances $4,150, Sales Discounts $3,800, Cost of Goods Sold $92,000, Interest Revenue $5,300, Freight-Out $1,400, Utilit

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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