The adjusted trial balance of antoine corporation at december 31 shows that sales revenue for the year was $ 520 comma 000 and other revenue was $ 49 comma 000. cost of goods sold for that same period was $ 280 comma 000, while other expenses totaled $ 210 comma 000. the corporation declared and paid dividends of $ 18 comma 000 during the year. the balance of retained earnings before closing entries was $ 490 comma 000. read the requirements 1. prepare the closing entries for revenues, expenses, and dividends for the year. (record debits first, then credits. exclude explanations from any journal entries.) begin by recording the entry to close out the revenue accounts.

Explanation:

The closing entries for the following accounts are shown below:

1. Sales Revenue A/c Dr $520,000

 Other revenue A/c Dr $49,000

                  To Income Summary A/c $569,000

(Being revenue account closed)

2. Income Summary A/c Dr $490,000

      To  Cost of goods sold $280,000

      To other expenses $210,000

(Being expenses accounts are closed)

3. Income summary A/c Dr $79,000 ($569,000 - $490,000)

                  To Retained earning $79,000

(Being the difference is credited to retained earning)

4. Retained earnings A/c Dr $18,000

           To Dividend A/c $18,000

(Being dividend account is closed)

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one of the appeals of a sole proprietorship is that business expenses are kept separate from your personal income tax return