question e3 16 closing entries for a corporation presented below are selected accoun 4304543

Question

E3-16 (Closing Entries for a Corporation) Presented below are selected account balances for Homer Winslow Co. as of December 31, 2014. Inventory 12/31/14 Common Stock Retained Earnings Dividends Sales Returns and Allowances Sales Discounts Sales Revenue Instructions $ 60,000 75,000 45,000 18,000 12,000 15,000 410,000 Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense $225,700 16,000 38,000 30,000 Prepare closing entries for Homer Winslow Co. on December 31, 2014. (Omit explanations.)

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