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how would i find the income summary and the retained earnings? Cr. Recording Closing Entries Lakeside Inc. reports balances in the following temporary accounts on
how would i find the income summary and the retained earnings?
Cr. Recording Closing Entries Lakeside Inc. reports balances in the following temporary accounts on Dece summary account as a temporary clearing account for revenues, expenses, Account Dec 31, 2020 Service revenue $200,000 Operating expenses 120,000 Interest revenue 5,000 Interest expense 6,000 Income tax expense 23,700 Dividends 10,000 General Journal Account Name Dr. Service Revenue 200,000 Interest Revenue 5,000 Income Summary 0 205,000 To close revenues to income summary: Income Summary 149,700 Operating Expenses 120,000 Interest Expense 6,000 Income Tax Expense 0 23,700 To close expenses to income summary Income Summary 228,700 x Retained Earnings O 0X To close income summary to retained earnings. Retained Earnings OX O Dividends 0 10,000 To close dividends to retained earnings. > . 0 ( > 4 0 . Check Step by Step Solution
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