Question
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
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 | ||
|
a. $24,260 debit. b. $10,960 credit. c. $24,260 credit. d. $10,960 credit. | |||
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
1118334329, 978-1118334324
