question archive You have selected accounts from XYZ company pertaining to the year ended on 31/12/2019 Sales revenue $250,000 Sales returns and allowances $44,000
You have selected accounts from XYZ company pertaining to the year ended on 31/12/2019 Sales revenue $250,000 Sales returns and allowances $44,000
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You have selected accounts from XYZ company pertaining to the year ended on 31/12/2019 Sales revenue $250,000 Sales returns and allowances $44,000. Sales discounts $15,000. Cost of goods sold $144,000. Salaries and wages expense $24,000. Utilities expense $13,000. Advertising expense $11,000... Depreciation expense 18,000. Freight-out $4,000. Insurance expense $9,000. Inventory $ 44,000... Retained Earnings credit balance is $50,000 Dividends $3,000. Instruction: 1- Make the necessary closing entries for XYZ on 31/12/2019. (8 marks) 2- Find the ending balance of retained earnings after closing entries. (2 mark)
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