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exercise 316 presented below are selected account balances for culver...

Question: exercise 316 presented below are selected account balances for culver...

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Exercise 3-16 Presented below are selected account balances for Culver Co. as of December 31, 2017 Inventory 123117 Common Stock Retained Earnings Dvidends Sales Retuns and Alowances Sales Discounts Sales Revenue $59,590 Cost of Goods Sold 74470 eling Expenses 44,230 Administrative Expenses 18,226 Income Tax Expense 11,922 14,790 229,667 16,223 37,519 30,500 408,340 Prepare closing entries for Qulver Co. on December 31, 2017,(Credit account tities are automatically Indented when amount is entered De not indent manuality If no entry is requred, seleet No entry for the accoun oles and enter 0 for the amounts

No. Account Titles and Explanation Debit Credit (To close accounts with credit balances) 2. (To close accounts with debit balances) 3. (To close net income / (loss)) 4. (To close dividends)

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