Preparing Closing Journal Entries Selected financial information from General Mi

Question

Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows. Debit Credit $ millions Net sales Cost of sales Selling, general, & administrative expense & other Interest expense, net Income tax expense Retained earnings $16,852.6 $10,791.5 3,131.0 361.7 813.1 12,106.6 Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. Set up the needed T-accounts, and post the closing entries. After these entries are posted, what is the balance of the retained earnings account (enter balance is T-account). General Journal Date Description Debit Credit 26-May Net sales 16,852.6 Retained earnings 12,106.6X To close the revenue account. 26-M ay Retained earnings 2,106.6X Cost of sales 0,791.5

Explanation / Answer

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JOURNAL ENTRIES

LEDGER ACCOUNTS

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26 May Net Sales Dr. 16852.6 Retained Earnings Cr. 16852.6 26 May Retained Earnings Dr. 15097.3 Cost of Sales Cr. 10791.5 SG&A Expense Cr. 3131 Interest Expense Cr. 361.7 Income Tax Expense Cr. 813.1

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