The adjusted trial balance of Alta Corporation at December $31$ shows that sales revenue for the year was $$550,000$ and other revenue was $$39,000.$ Cost of goods sold for that same period was $$265,000,$ while other expenses totaled $$230,000.$ The corporation declared and paid dividends of $$20,000$ during the year. The balance of retained earnings before closing entries was $$495,000.$

Read the requirements.

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

$\backslash$table$[[$Date$,,$Accounts,Debit,Credit$],[$Dec$,31$ Sales Revenue,,,$],[$Other Revenue,$0,,],[,2_{?},,],[,,,]]$

Requirements

Prepare the closing entries for revenues, expenses, and dividends for the year.

What was net income for the year?

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

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Done