Data for the closing entries of Thompson Company are shown below.
|
Factory overhead, debit and credit balance
|
$216,850
|
|
Sales
|
842,750
|
|
Interest revenue
|
1,400
|
|
Cost of goods sold
|
583,640
|
|
Wages expense
|
102,400
|
|
Office supplies expense
|
3,740
|
|
Depreciation expense-office equipment
|
6,230
|
|
Utilities expense-office
|
5,485
|
|
Bad debt expens
|
2,350
|
|
Advertising expense
|
9,350
|
|
Interest expense
|
8,420
|
|
Income tax expense
|
29,370
|
|
Cash dividends
|
16,000
|
Prepare closing journal entries for Thompson Company for the year ended December 31.