Dylans Taxidermy Corporation reports revenues and expenses of $142,300 and $91,500, respectively, for the period. Give the

Question:

Dylan’s Taxidermy reports revenues and expenses of $142,300 and $91,500, respectively, for the period. Give the remaining entries to close the books assuming the ledger reports Additional Paid-In Capital of $400,000 and Retained Earnings of $125,000. Dividends during the year amounting to $29,200 were recorded in a dividends account.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...