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Prepare closing entries for alistair on december

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Reference no: EM131803408

Question - Closing Entries for a Corporation

Presented below are selected account balances for Alistair Co. as of December 31, 2012.

Inventory 12/31/12

$60,000

Cost of Goods sold

$235,700

Common Stock

75,000

Selling Expenses

16,000

Retained Earnings

45,000

Administrative Expenses

38,000

Dividends

18,000

Income Tax Expense

30,000

Sales Returns and Allowances

12,000

 

 

Sales Discounts

15,000

 

 

Sales Revenue

390,000

 

 

Instructions - Prepare closing entries for Alistair Co. on December 31, 2012.

Reference no: EM131803408

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