Accounting Homework Exercise 3-16.docx - Exer Exercise 3-16...

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Exer Exercise 3-16Presented below are selected account balances for Homer Winslow Co. as of December 31, 2014.Inventory 12/31/14$62,330Cost of Goods Sold$226,990Common Stock76,740Selling Expenses17,960Retained Earnings49,470Administrative Expenses39,300Dividends18,430Income Tax Expense33,000Sales Returns and Allowances12,340Sales Discounts15,530Sales Revenue413,110Prepare closing entries for Homer Winslow Co. on December 31, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)No.Account Titles and ExplanationDebitCredit1.(To close accounts with credit balances)2.(To close accounts with debit balances)3.Sales Revenue413,110Income Summary413,110Income Summary345,120Selling Expenses17,960Sales Returns and12,340Sales Discounts15,530Income Tax Expe33,000Administrative Exp39,300Cost of Goods So226,990Income Summary67,990
Presented below are selected account balances for Homer Winslow Co. as of December 31, 2014.Inventory 12/31/14

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