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Prepare journal entries to close the temporary accounts

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Reference no: EM132627973

KLA-Tencor provides process control and yield management solutions for the semiconductor industry. Selected financial information from KLA-Tencor as of June 30, 2018 follows.

Net sales $4,036,701

Cost of sales $1,447,369

Selling, general, & administrative expense & other 1,019,025

Interest expense, net 114,376

Income tax expense 653,666

Retained earnings 848,457

Problem 1: Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. Set up the needed T-accounts, and post the closing entries. After these entries are posted, what is the balance of the retained earnings account

Reference no: EM132627973

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