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Question: Journalizing closing entries-periodic inventory system Nautical Dream Boat Supply uses the periodic inventory method. The adjusted trial balance of Nautical Dream Boat Supply at December 31, 2016, follows:

Requirements: 1. Journalize the required closing entries at December 31, 2016. Assume ending Merchandise Inventory is $53,300.

2. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances.

3. How much was Nautical Dream's net income or net loss?

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M92643621

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