Subject: Business    / Accounting
Question
Presented below are selected account balances for Bramble Co. as of December 31, 2017.

Inventory 12/31/17    $59,800    Cost of Goods Sold    $225,355
Common Stock    75,680    Selling Expenses    15,780
Retained Earnings    45,540    Administrative Expenses    38,468
Dividends    18,253    Income Tax Expense    30,430
Sales Returns and Allowances    12,092
Sales Discounts    14,800
Sales Revenue    411,720

Prepare closing entries for Bramble Co. on December 31, 2017.(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 0 for the amounts.)

No.

Account Titles and Explanation

Debit

Credit

1.

(To close accounts with credit balances)

2.

(To close accounts with debit balances)

3.

(To close net income / (loss))

4.

(To close dividends)

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