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Prepare entry C should make to close out temporary accounts

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Reference no: EM132621305

Question - Presented below are selected account balances for C Company as of 12-31-xx:

Accounts receivable $ 400,000

Accounts payable $ 175,000

Retained earnings $4,100,000

Sales revenues $2,500,000

Gain on the sale of a stock investment $ 40,000

Loss on the sale of a bond investment $ 10,000

Cost of goods sold $ 600,000

Selling and administrative expenses $ 400,000

Interest expense $ 30,000

Income tax expense $ 300,000

Required -

a. Prepare the entry C should make to close out the temporary accounts. Do NOT use an "income summary" account - close the temporary accounts directly into retained earnings.

b. What is C's retained earnings balance AFTER making the closing entry?

Reference no: EM132621305

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