Brief Exercise 3-36 Preparing and Analyzing Closing Entries At December 31, 2019, the ledger of Aulani Company includes

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Brief Exercise 3 36 Preparing And Analyzing Closing Entries At December 31 2019 The Ledger Of Aulani Company Includes 1 (40.09 KiB) Viewed 29 times

Brief Exercise 3-36 Preparing and Analyzing Closing Entries At December 31, 2019, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $59,000; Cost of Goods Sold, $31,000; Retained Earnings, $20,000; Interest Expense, $3,200; Dividends, $5,000; Wages Expense, $8,000, and Interest Payable, $2,100. Required: 1. Prepare the closing entries for Aulani at December 31, 2019. If an amount box does not require an entry, leave it blank. Dec. 31 Dec. 31 Dec. 31 Dec. 31 (Close revenues) (Close expenses) (Close Income Summary) (Close Dividends) 2. How does the closing process affect Aulani's retained earnings? of Previous