Prepare closing journal entries for Armour Company

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Problem - Prepare closing journal entries for Armour Company for the year ended December 31. Data for the closing entries are as follows:

Factory overhead, debit and credit balance $186,250

Sales for the year 930,600

Interest revenue 920

Cost of goods sold 710,500

Salaries expense 98,100

Office supplies expense 3,500

Depreciation expense-office equipment 6,130

Utilities expense-office 7,460

Bad debt expense 2,275

Advertising expense 9,250

Interest expense 8,300

Income tax expense 41,350

Reference no: EM132725323

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