Prepare Closing Entries Merchandise Inventory 12/31/14 24,000 Common Stock 30,000 Retained Earnings.

Prepare Closing Entries Merchandise Inventory 12/31/14 24,000   Common Stock     30,000   Retained Earnings     18,000   Dividends     7,200   Sales Returns and Allowances   4,800   Sales Discounts     6,000   Sales       164,000   Cost of Goods Sold     90,280   Selling Expenses     6,400   Administrative Expenses   15,200   Income Tax Expense   12,000                           Prepare Closing Entries for Kirby Co. on December 31, 2014    

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