Closing Entries The Collins Corporation shows the following inventory, dividends, revenue, and expense account balances before closing:
|
Debit |
Credit |
Debit |
Credit |
|
Dividends distributed |
$250 |
Gain on sale of land |
$300 |
|
Sales revenue |
$2,400 |
Salaries expense |
$300 |
|
Sales returns |
200 |
Utilities expense |
130 |
|
Cost of goods sold |
1,350 |
Miscellaneous expenses |
120 |
|
Income tax expense |
180 |
Required
Prepare closing entries.