Posted: February 26th, 2015
Prepare the year-end closing entries.
| Date | Particulars | Amount (Dr) | Amount (Cr) |
| 31-dec-xx | Sales | 808000 | |
| Income statement | 808000 | ||
| 31-dec-xx | Income statement | 556200 | |
| Cost of goods sold | 556200 | ||
| 31-dec-xx | Income statement | 189000 | |
| Operating expenses | 189000 | ||
| 31-dec-xx | Income statement | 35000 | |
| Income tax expense | 35000 | ||
| 31-dec-xx | Retained earnings | 18900 | |
| Dividend | 18900 | ||
| 31-dec-xx | Interest revenue | 13500 | |
| Income statement | 13500 |
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