Following is the year-end adjusted trial balance for Fred's Corner Grocery for the current year:
Prepare the closing entries at December 31 for the current year.
What will be an ideal response?
| Dec. | 31 | Sales | 550,000 | ? |
| ? | ? | Income Summary | ? | 550,000 |
| ? | 31 | Income Summary | 473,180 | ? |
| ? | ? | Sales Returns and Allowances | ? | 4,500 |
| ? | ? | Sales Discounts | ? | 4,250 |
| ? | ? | Cost of goods sold | ? | 382,450 |
| ? | ? | Sales Salaries Expense | ? | 44,000 |
| ? | ? | Advertising Expense | ? | 8,150 |
| ? | ? | Store Salaries Expense | ? | 24,325 |
| ? | ? | Store Supplies Expense | ? | 450 |
| ? | ? | Interest Expense | ? | 5,055 |
| ? | 31 | Income Summary | 76,820 | ? |
| ? | ? | Retained earnings | ? | 76,820 |
| ? | 31 | Retained earnings | 45,000 | ? |
| ? | ? | Dividends | ? | 45,000 |
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Costs that the manager does not have the power to determine or at least significantly affect are:
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