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The balance of $13,600 in the retailed earnings account js from the beginning of the year. what is the ending retained earnings balance after posting
The balance of $13,600 in the retailed earnings account js from the beginning of the year. what is the ending retained earnings balance after posting the closing entries?
The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $13,600; Dividends $3,200; Sales $32,000; Cost of Goods Sold $12,800; Selling and Administrative Expenses $4,800; Interest Expense $2,400. 0 Prepare the closing entries for The Century Company. Close the temporary accounts straight to retained earnings. General Journal Description Debit Credit Sales 32,000 Retained earnings 32.000 To close the revenue account. Retained earnings 20,000 Cost of goods sold 0 12,800 Selling and administrative expense O 4,800 Interest expense 0 2,400 To close the expense accounts. Retained earnings 3,200 0 Dividends O 3.200 To close the dividends account The balance of $13,600 in the retained earnings account is from the beginning of the year. What is the ending retained earnings balance after posting the closing entries? $ 48,800 X Step by Step Solution
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