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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 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.
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.
Explanation
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Closing Entries
Closing entries are mad...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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