?http redugen shared/assi Exercise 3-16 Presented below are selected account bal

Question

?http redugen shared/assi Exercise 3-16 Presented below are selected account balances for Sandhill Co. as of December 31, 2017 Inventory 12/31/17 Common Stock Retained Earnings Dividends Sales Returns and Allowances Sales Discounts Sales Revenue $60,660Cost of Goods Sold $227,058 16,087 37,371 29,590 75,720 Selling Expenses 45,610 18,034 12,086 15,190 408,370 Administrative Expenses Income Tax Expense entered. Do not indent manually. If no entry is required, select "No Prepare closing entries for Sandhill Co. on December 31, 2017. (Credit account titles are automatically indented when amount is entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (To close accounts with credit balances) 55 PM e1218

Explanation / Answer

Closing Entries: Accounts title and explanations Debit $ Credit $ Sales revenue Account Dr. 408370    Income summary 408370 Income Summary Account Dr. 337382     Sales return and allowances 12086     Sales discount 15190     Cost of Goods sold Account 227058     Selling expense 16087     Admin Expense Account 37371     Income Tax expense Account 29590 Income Summary Account Dr. 70988     Retained earnings 70988 Retained earnings Account Dr. 18,034      Dividend account 18,034

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