Closing entries with net income

Reference no: EM131102033

Question:

Closing Entries with Net Income

After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $490,750 and a credit of $613,400.

At the same date, Retained Earnings has a credit balance of $833,600, and Dividends has a balance of $55,000.

Reference no: EM131102033

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