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Identify the accounts that should be closed to the Retained Earnings account. Identify which of the accounts that should be closed to the Retained Earnings

Identify the accounts that should be closed to the Retained Earnings account.

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Identify which of the accounts that should be closed to the Retained Earnings account:

  • Consulting revenue
  • Supplies expense
  • Travel expense
  • Salaries payable
  • Dividends
  • Cash
  • Rent expense
  • Salary expense
  • Other operating expense
The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, 2018, before the closing entries were recorded. Consulting revenue Cash Cash received from common stock issued during 2017 Travel expense Dividends Cash flow from investing activities Rent expense Payment to reduce debt principal Retained earnings, January 1, 2018 Salary expense Cash flow from operating activities Common stock, December 31, 2018 Other operating expenses $10,500 7,200 3,700 400 1,100 2,600 1,200 17,900 14,300 3,000 2,300 11,700 1,600

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