Prepare closing entries. (Credit account titles are automatically indented when amount Account Titles and Explanation Debit Credit (To close accounts with credit balances) (To close accounts with...

Ayayai Company had the following account balances at year-end: Cost of Goods Sold $63,840; Inventory $14,610; Operating Expenses $30,650; Sales Revenue $121,130; Sales Discounts $1,130; and Sales Returns and Allowances $1,850. A physical count of inventory determines that merchandise inventory on hand is $13,080.

Extracted text: Prepare closing entries. (Credit account titles are automatically indented when amount Account Titles and Explanation Debit Credit (To close accounts with credit balances) (To close accounts with debit balances) (To close net income / (loss))