Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 33 1 pts A company has the following account balances. They are now doing their closing entries. This company uses an income summary

image text in transcribed

Question 33 1 pts A company has the following account balances. They are now doing their closing entries. This company uses an income summary account to close the accounts, then income summary gets closed into retained earnings. After the closing process is complete, what is the final balance of the dividends account? (you should assume that the balances given are the "normal" balances for the account - as far as whether the amount listed is a debit or credit). Supplies Expense 2,210 Service Revenue 67,069 Accounts Payable 6,715 Salaries Expense 11,680 Dividends 1,231 Equipment 73,526 Accumulated 20,036 Depreciation Depreciation Expense 4,394 Retained Earnings 111,516

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fraud Examination

Authors: W. Steve Albrecht, Conan C. Albrecht, Chad O. Albrecht, Mark F. Zimbelman

3rd edition

324560842, 978-0324560848

More Books

Students also viewed these Accounting questions

Question

How flying airoplane?

Answered: 1 week ago