Reference no: EM132725323
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