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Windsor has year-end account balances of Sales Revenue $839,807, Interest Revenue $13,020, Cost of Goods Sold...

Windsor has year-end account balances of Sales Revenue $839,807, Interest Revenue $13,020, Cost of Goods Sold $534,832, Administrative Expenses $193,450, Income Tax Expense $32,693, and Dividends $19,345. Prepare the year-end closing entries.

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Answer #1

Closing entries :

Date accounts & explanation debit credit
Sales revenue 839807
Interest revenue 13020
Income summary a/c 852827
(To record close of revenue account)
Income summary a/c 760975
Cost of goods sold 534832
  Administrative Expenses 193450
  Income Tax Expense 32693
(To record close of expenses account)
Income summary a/c 91852
Retained earnings a/c 91852
(To record close of income summary a/c)
Retained earnings a/c 19345
Dividend a/c 19345
(To record dividend account)
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