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Prepare closing journal entries for thompson company

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Reference no: EM13893816

Data for the closing entries of Thompson Company are shown below.

Factory overhead, debit and credit balance

$216,850

Sales

842,750

Interest revenue

1,400

Cost of goods sold

583,640

Wages expense

102,400

Office supplies expense

3,740

Depreciation expense-office equipment

6,230

Utilities expense-office

5,485

Bad debt expens

2,350

Advertising expense

9,350

Interest expense

8,420

Income tax expense

29,370

Cash dividends

16,000

Prepare closing journal entries for Thompson Company for the year ended December 31.

Reference no: EM13893816

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