For part a, how does one determine $60,300? It says " in the first closing entry, revenue accounts were closed to the income summary account, with a credit to the income summary account of $60,300. In the second closing entry, the expense accounts were closed to the income summary account, with a debit to the income summary account of $24,200"

Debit Credit Cash $ 3,580 Accumulated Depreciation $ 500 Equnpment Accounts 3.010 Accounts Payable 3,090 Recelvable Supplies 1.910 Unearned Service Revenue 400 Equipment 10.790 Salaries and Wages Payable 720 Common Stock 10,790 Retained Earnings 3,790 $19,290 M During November, the following summary transactions were completed. Nov. Paid $1,220 for salaries due employees, of which $500 is for November and $720 is for October salaries 8 payable. 10 Received $1,850 cash from customers in payment of account. 12 Received $3,710 cash for services performed in November. 15 Purchased store equipment on account $3,630. 17 Purchased supplies on account $1,370. 20 Paid creditors $2,590 of accounts payable due. 22 Paid November rent $460. 25 Paid salaries $1,080. 27 Performed services on account worth $940 and billed customers. 29 Received $820 from customers for services to be performed in the future. Effects of closing entries on account balances Simmons Company had the following adjusted trial balance: Account Titles Debit Cash $20,260 Accounts Receivable 1?,080 appli 7.810 @gpment 40,600 Accumulated Epreciation Accounts Payable Unearned Rent Revenue gpital Stock Retained Earnings Dividends Commission Revenue Rent Revenue Epreciation Exp 7,900 Utilities Expense 10,700 Supplies Expense 5,600 Total $123,350 $123,350 The president of Simmons Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (1'.e.. after revenue and expense accounts have been closed to Income III'I'II'I 'i ' What .e' balance in the Retained Earnings account? What is the balance in the dividends account? After the closing, all the temporary accounts (Revenues, Expenses, and Dividends) should have zero balances. They have been closed to permanent accounts that now incorporate both balances. (a) In the first closing entry, revenue accounts were closed to the Income Summary account, with a credit to the Income Summary account of $60,300. In the second closing entry, the gpense accounts were closed to the Income Summary account, with a debit to the Income Summary account of $24,200