losing Entrieswith Net Income

After all revenue and expense accounts have been closed at the end of thefiscal year,Income Summaryhas a debit of $201,300 and a credit of $269,700. At the same date, Retained Earnings has a credit balance of $312,000, and Dividends has a balance of $26,200.

a.Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account.

1.

2.

b.Determine the amount of Retained Earnings at the end of the period.

$