Reference no: EM132725318

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

Factory overhead, debit and credit balances $199,200

Sales for the year 877,400

Interest revenue 850

Cost of goods sold 581,000

Salaries expense 97,300

Office supplies expense 2,260

Depreciation expense-office equipment 6,040

Utilities expense-office 6,260

Bad debt expense 2,020

Advertising expense 9,100

Interest expense 9,900

Income tax expense 34,700