A. journalize the entries required to complete the closing, Ask an Expert

Accounting

After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $175,400 and a credit of $235,000. At the same date, Retained Earnings has a credit balance of $272,000, and Dividends has a balance of $22,800.

a. Journalize the entries required to complete the closing of the accounts.

b. Determine the amount of Retained Earnings at the end of the period.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9408247

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