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Prepare closing entries for wildhorse co on december

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Reference no: EM132480953

Presented below are selected account balances for Wildhorse Co. as of December 31, 2020.

Inventory 12/31/20                $58,920

Cost of Goods Sold                $224,039

Common Stock                        74,150

Selling Expenses                       16,031

Retained Earnings                      45,400

Administrative Expenses               37,726

Dividends                                    17,830

Income Tax Expense                        29,720

Sales Returns and Allowances           12,068

Sales Discounts                              15,010

Sales Revenue                                 417,740

Question 1: Prepare closing entries for Wildhorse Co. on December 31, 2020

Reference no: EM132480953

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