A company's ledger accounts and their...

A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.)

Retained earnings	$	9,500
Dividends		13,300
Revenue		38,000
Rent expense		3,800
Salaries expense		8,850
Insurance expense		430
Depr. Expense-equipment		660
Accum depr.-equipment		1,980

• $24,260 debit.
• $10,960 credit.
• $24,260 credit.
• $26,240 credit.
• $10,960 credit.

  After preparing and posting the closing...

  After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $37,000. The entry to close the income summary account will be:

  • Debit Dividends $37,000; credit Income Summary $37,000.

  • Debit Income Summary $37,000; credit Dividends $37,000.

  • Debit Income Summary $37,000; credit Retained earnings $37,000.

  • Debit Retained earnings $37,000; credit Income Summary $37,000.

  • Credit Retained earnings $37,000; debit Dividends $37,000.