E 16 Presented below are selected account balances for Alistair Co. as of December 31, 2012.
|
Inventory 12/31/12 |
60,000 |
|
Common Stock |
75,000 |
|
Retained Earnings |
45,000 |
|
Dividends |
18,000 |
|
Sales Returns and Allowances |
$12,000 |
|
Sales Discounts |
15,000 |
|
Sales Revenue |
390,000 |
|
Cost of Goods Sold |
$235,700 |
|
Selling Expenses |
16,000 |
|
Administrative Expenses |
38,000 |
|
Income Tax Expense |
30,000 |
Instructions
Prepare closing entries for Alistair Co. on December 31, 2012. (Omit explanations.)