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Exercise 2 - 2 0 A ( Algo ) Closing entries LO 2 - 4 Love Company s accounting records show an after - closing
Exercise A Algo Closing entries LO
Love Companys accounting records show an afterclosing balance of $ in its Retained Earnings account on December Year During the Year accounting cycle, Love earned $ of revenue, incurred $ of expense, and paid $ of dividends. Revenues and expenses were recognized evenly throughout the accounting period.
Required:
Determine the balance in the Retained Earnings account as of January Year
Determine the balance in the temporary accounts as of January Year
Determine the afterclosing balance in the Retained Earnings account as of December Year
Determine the balance in the Retained Earnings account as of June Year
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