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Question - Closing Entries for a Corporation
Presented below are selected account balances for Alistair Co. as of December 31, 2012.
Inventory 12/31/12
$60,000
Cost of Goods sold
$235,700
Common Stock
75,000
Selling Expenses
16,000
Retained Earnings
45,000
Administrative Expenses
38,000
Dividends
18,000
Income Tax Expense
30,000
Sales Returns and Allowances
12,000
Sales Discounts
15,000
Sales Revenue
390,000
Instructions - Prepare closing entries for Alistair Co. on December 31, 2012.
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