The T accounts before the closing entry is recorded are provided here. What are the balances in the revenue and expense accounts after the closing entry is posted? in the revenue and expense accounts of the business are as follows:
|
Cost of Goods Sold Expense |
|
|
$2,725,000 |
|
|
Sales Revenue |
|
|
|
$4,526,500 |
|
Selling & Administrative Expenses |
|
|
$1,228,500 |
|
|
Interest Expense |
|
|
$175,000 |
|
|
Income Tax Expense |
|
|
$138,000 |
|