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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. During the closing process, what is the total dollar amount transferred from income summary to retained earnings? (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 2,198 Service Revenue 44,675 Accounts Payable 7,590 Salaries Expense 11,938 Dividends 1,877 Equipment 51,185 Accumulated 21,330 Depreciation Depreciation 3,981 Expense Retained Earnings 100,442
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