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Determine the amount of retained earnings

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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 $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.

Reference no: EM131783816

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