Following are nintendo’s revenue and expense accounts for a recent march 31 fiscal year-end (yen in millions). (enter answers in millions.) net sales ¥ 549,780 cost of sales 335,196 advertising expense 54,834 other expense, net 117,907 prepare the company’s closing entries for its revenues and its expenses.

Explanation:

The closing entries  are shown below:  

1. Net sales  A/c Dr  ¥549,780 million

        To Income Summary ¥549,780 million

(Being revenue account closed)

2. Income summary A/c Dr ¥507,937 million

        To Cost of sales A/c ¥335,196 million

        To Advertising expense A/c ¥54,834 million

        To Other expense, net A/c ¥117,907 million

(Being expenses accounts are closed)

3. Income summary A/c Dr ¥41,843  million

                  To Retained earning ¥41,843  million

(Being the difference is credited to retained earning)

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