qq: A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.)

Retained earnings	$ 9,750
Dividends	13,650
Revenue	39,000
Rent expense	3,900
Salaries expense	9,050
Insurance expense	440
Depreciation expense-equipment	680
Accumulated depreciation-equipment	2,040

Multiple Choice

• $24,930 credit.

• $24,930 debit.

• $26,970 credit.

• $11,280 credit.

• $34,680 credit.