Question Details

Prepare the closing entries for Siler Company 


The following information is available for Siler Company:
Debit Credit
Siler, Capital $ 50,000
Siler, Drawing $ 32,000
Sales 510,000
Sales Returns and Allowances 20,000
Sales Discounts 7,000
Cost of Goods Sold 347,000
Freight-out 2,000
Advertising Expense 15,000
Interest Expense 19,000
Store Salaries Expense 45,000
Utilities Expense 18,000
Depreciation Expense 7,000
Interest Revenue 25,000
Instructions
Using the above information, prepare the closing entries for Siler Company.





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