ACTG 381-Presented below are selected account balances for Brambl
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
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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)
