(Answered) Question - closing entries for a corporationpresented below

Accounting

Question - Closing Entries for a Corporation

Presented below are selected account balances for Alistair Co. as of December 31, 2012.

Inventory 12/31/12	$60,000	Cost of Goods sold	$235,700
Common Stock	75,000	Selling Expenses	16,000
Retained Earnings	45,000	Administrative Expenses	38,000
Dividends	18,000	Income Tax Expense	30,000
Sales Returns and Allowances	12,000
Sales Discounts	15,000
Sales Revenue	390,000

Instructions - Prepare closing entries for Alistair Co. on December 31, 2012.

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