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Closing Entries for Nordstrom
The following accounts appear on Nordstrom's 2011 financial statements as reported in its Form 10-K for the fiscal year ended January 28, 2012. The accounts are listed in alphabetical order, and the balance in each account is the normal balance for that account. All amounts are in millions of dollars. Prepare closing entries for Nordstrom for 2011.
Cash Dividends Paid
$197
Cost of Sales and Related Buying and Occupancy Costs
6,592
Credit Card Revenues
380
Income Tax Expense
436
Interest Expense, net
130
Net Sales
10,497
Selling, General and Administrative Expenses: Credit
229
Selling, General and Administrative Expenses: Retail
2,807
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