Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac

تمرين 61

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 $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600 and Dividends has a balance of $125,000.
(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.