Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 36 The Retained earnings account has a credit balance of $37.000 before closing entries are made. Total revenues for the period are $55 200,

image text in transcribed
QUESTION 36 The Retained earnings account has a credit balance of $37.000 before closing entries are made. Total revenues for the period are $55 200, total expenses are $39,800, and dividends are $9,000. What is the correct closing entry for the revenue accounts

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

Cornerstones of Financial and Managerial Accounting

Authors: Rich Jones, Mowen, Hansen, Heitger

1st Edition

9780538751292, 324787359, 538751290, 978-0324787351

More Books

Students also viewed these Accounting questions

Question

1-8 What is cultural competence? [LO-6]

Answered: 1 week ago

Question

1-5 What is an ethical dilemma? [LO-5]

Answered: 1 week ago