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A partial list of Dolphin Inc.'s account balances as at December 31, 2013 are shown below....

A partial list of Dolphin Inc.'s account balances as at December 31, 2013 are shown below. Each account has a "normal" debit or credit balance.

Cash

$20,000

Trade Payables

$60,000

Trade Receivables

$100,000

Cost of Goods Sold

$240,000

Land

$200,000

Loan Payable

$80,000

Sales Revenues

$400,000

Share capital

$200,000

Interest Expense

$6,000

Operating Expenses

$10,000

Dividends

$10,000

Unearned revenue

$2,000

Required: Prepare Dolphin Inc.'s closing journal entries for the year ended December 31, 2013.  

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Answer #1
31-Dec Sales Revenues 400000
       Income Summary 400000
31-Dec Income Summary 256000
       Cost of Goods Sold 240000
        Operating Expenses 10000
        Interest Expense 6000
31-Dec Income Summary 144000
        Retained earnings 144000
31-Dec Retained earnings 10000
       Dividends 10000
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