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Companies can prepare the closing entries from the worksheet

Companies can prepare the closing entries from the...

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Companies can prepare the closing entries from the worksheet. As illustrated below, they first prepare the closing entries for the manufacturing accounts. The closing entries for Olsen Manufacturing are as follows. Work in Process Inventory (Dec. 31) Raw Materials Inventory (Dec. 31) Manufacturing Summary (To record ending raw materials and work in process inventories) Manufacturing Summary Work in Process Inventory (Jan. 1) Raw Materials Inventory (Jan. 1) Raw Materials Purchases Factory Repairs Factory Utilities Factory Depreciation Factory Insurance
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Unformatted text preview: (To close beginning raw materials and work in process inventories and manufacturing cost accounts) Finished Goods Inventory (Dec. 31) Income Summary (To record ending finished goods inventory and close sales account) Income Summary Finished Goods Inventory (Jan. 1) Manufacturing Summary Selling Expenses Administrative Expenses Income Tax Expense (To close beginning finished goods inventory, manufacturing summary, and expense accounts) Income Summary Retained Earnings (To close net income to retained...
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