What is the ending balance in retained earnings

Reference no: EM131823944

Question: The income statement for the Bonita Pines Golf Club Inc. for the month ended July 31 shows Service Revenue $16,000, Salaries and Wages Expense $8,400, Maintenance and Repairs Expense $2,500, and Income Tax Expense $1,000. The statement of retained earnings shows an opening balance for Retained Earnings of $20,000 and Dividends $1,300.

(a) Prepare closing journal entries.

(b) What is the ending balance in Retained Earnings?

Reference no: EM131823944

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