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The adjusted trial balance of Aroma Corporation at December 31 shows that sales revenue for the year was $ 535 comma 000 and other revenue was $ 57 comma 000. Cost of goods sold for that same period was $ 295 comma 000, while other expenses totaled $ 220 comma 000. The corporation declared and paid dividends of $ 19 comma 000 during the year. The balance of retained earnings before closing entries was $ 475 comma 000. Read the requirementsLOADING.... 1. Prepare the closing entries for revenues, expenses, and dividends for the year. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the entry to close out the revenue accounts.

1.	Prepare the closing entries for revenues, expenses, and dividends for the year.
2.	What was net income for the year?
3.	What is the ending balance of retained earnings after the closing entries are posted?

Close out the expense accounts.

Close out the Dividends account.

2. What was net income for the year?

Select the formula and enter the amounts to determine net income for the year.

3. What is the ending balance of retained earnings after the closing entries are posted?

Select the formula and enter the amounts to determine the ending balance of retained earnings after the closing entries are posted.

The adjusted trial balance of Aroma Corporation at December 31 shows that sales revenue for the year was $535,000 and other revenue was $57,000 Cost of goods sold for that same period was $295,000, while other expenses totaled $220,000. The corporation declared and paid dividends of $19,000 during the year. The balance of retained earnings before closing entries was $475,000. Read the requirements 1. Prepare the closing entries for revenues, expenses, and dividends for the year. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the entry to close out the revenue accounts. Journal Entry Date Debit Accounts Credit Dec 31 Cash Cost of Goods Sold Dividends Close out th Other Expenses X Requirements Other Revenue Retained Earnings Date Debit Credit Sales Revenue Dec 31 1. Prepare the closing entries for revenues, expenses, and dividends for the year 2. What was net income for the year? 3. What is the ending balance of retained earnings after the closing entries are posted? Close out the Dividends account. Print Journal Entry Done Credit Date Accounts Debit Dec 31 2, What was net income for the year? Select the formula and enter the amounts to determine net income for the year. Net Income 3. What is the ending balance of retained earnings after the closing entries are posted? 2. What was net income for the year? Select the formula and enter the amounts to determine net income for the year. Net Income Cost of Goods Sold e of retained earnings after the closing entries are posted? Dividends the amounts to determine the ending balance of retained earnings after the closing entries are posted. Other Expenses Other Revenue Ending Retained Retained Earnings Earnings + Sales Revenue Total Expenses Total Revenue COUse o any list or emer any number in the input fields and then continue to the next question. 2. What was net income for the year? Select the formula and enter the amounts to determine net income for the year. Net Income Cost of Goods Sold 3. What is the ending balance of closing entries are posted? Dividends Select the formula and enter the Other Expenses nding balance of retained earnings after the closing entries are posted. Other Revenue Ending Retained Retained Earnings Earnings Sales Revenue Total Expenses Total Revenue Choose from any list or enter aly umver ue mputeids and then continue to the next question 3. What is the ending balance of retained earnings after the closing entries are posted? Select the formula and enter the amounts to determine the ending balance of retained earnings after the closing entries are posted. Ending Retained Earnings Choose from any list or enter any number in the input fields and then continue to the next question. Beginning Retained Earnings 2. What was net income for the year? Cost of Goods Sold Select the formula and enter the amo Dividends year Net Income Net Income Other Expenses Other Revenue 3. What is the ending balance of retai Retained Earnings Sales Revenue Select the formula and enter the amol Total Expenses s are posted? e of retained earnings after the closing entries are posted. Total Revenue Ending Retained Earnings Choose from any list or enter any number in the input fields and then continue to the next question. Journal Entry Date Accounts Debit Credit Dec 31 Beginning Retained Earnings 2. What was net income for the year? Cost of Goods Sold Select the formula and enter the amounts to determine net income for the y Dividends Net Income Ne Other Expenses Other Revenue 3. What is the ending balance of retained earnings after the closing entries Retained Earnings Sales Revenue Select the formula and enter the amounts to determine the ending balanceTotal Expensses. entries are posted. Total Revenue Ending Retained Earnings = Choose from any list or enter any number in the input fields and then continue to the next