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The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022: Service Revenue $4,500 Expenses Salaries and Wages
The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022: Service Revenue $4,500 Expenses Salaries and Wages expense $2,000 Supplies expense 400 Insurance expense 100 Total expenses 2,500 Net Income $2,000 The balance in Retained Earnings at July 1 was $3,200. Ike's distributed dividends of $2,200 during the period. After closing entries have been posted, Retained Earnings will have a balance of a. $3,000 credit. b. $5,200 credit. c. $1,000 debit. d. $2,800 credit
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