Solution-Closing entries with net income

Closing entries with net income

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Reference no: EM13548706

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.

(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.

Reference no: EM13548706

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Closing entries with net income

Reference no: EM13548706

Reference no: EM13548706

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