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Please Solve and provide solutions On December 31, 2016, Ditka Inc. had Retained Earnings of $271,800 before its closing entries were prepared and posted. During
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On December 31, 2016, Ditka Inc. had Retained Earnings of $271,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $172,100 and interest revenue of $83,300. The company used supplies in the amount of $89,900, advertising expenses were $16,800, salaries and wages totaled $18,900, and income tax expense was calculated as $14,500. During the year, the company declared and paid dividends of $6,400 Required: a. Prepare the closing entries dated December 31, 2016. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry for closing revenue and expense account. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal b. Prepare T-account for the Retained Earnings account. Retained Earnings Beg. BalStep by Step Solution
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