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Prepare the annual closing entries for Billings Merchandisers using the partial adjusted trial balance shown below. A physical count at yearend determined that inventory at January 31, 2016, totaled $19,500. Assume Billings uses an Income Summary account in its closing process, and that the income statement for the year shows net income of $102,500.
Billings Merchandisers Inc.
Trial Balance (partial)
January 31, 2016
Debit
Credit
Inventory (2/1/15)
$23,000
Retained earnings
192,000
Dividends
4,000
Sales
405,000
Sales returns and allowances
2,500
Sales discounts
Purchases
200,000
Purchases returns and allowances
1,200
Purchase discounts
900
Freight-in
1,500
Advertising expense
12,000
Commissions expense
6,000
Rent expense
24,000
Salaries and wages expense
25,000
Insurance expense
3,200
Utilities expense
$2,900
Income tax expense
20,000
a.
Service Revenue
Income Summary
(To close revenue account)
b.
94,600
Freight-In expense
Salaries and Wages expense
2,900
Income Tax expense
(To close expense account)
c.
Retained Earnings
(To close net income to retained earnings)
d.
(To close dividends to retained earnings)
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