Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A company has the following account balances. They are now doing their closing entries. This company uses an income summary account to close the
A company has the following account balances. They are now doing their closing entries. This company uses an income summary account to close the accounts, then income summary gets closed into retained earnings. After the closing process is complete, what is the final balance of the dividends account? (you should assume that the balances given are the "normal" balances for the account - as far as whether the amount listed is a debit or credit). Supplies Expense 2,249 Service Revenue 54,726 Accounts Payable 8,438.3 Salaries Expense 11,041 Dividends 1,895 Equipment 67,462 Accumulated 20,099 Depreciation Depreciation Expense 3,740 Retained Earnings 118,089
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started