At April 1, 2014, Rhodes Company reported a balance of $22,000 in the Retained Earnings account. Rhodes Company earned revenues of $50,000 and incurred expenses of $35,000 during April 2014. The company paid dividends of $10,000 during the month.
(a) Prepare the entries to close Income Summary and the Dividends acccount at April 30, 2014.
(b) What is the balance in Retained Earnings on the April 30, 2014 post-closing trial balance?

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The Answer of At April 1, 2014, Rhodes Company reported a balance of $22,000 in the Retained Earnings account. Rhodes Company earned revenues of $50,000 and incurred expenses of $35,000 during April 2014. The company paid dividends of $10,000 during the month.
(a) Prepare the entries to close Income Summary and the Dividends acccount at April 30, 2014.
(b) What is the balance in Retained Earnings on the April 30, 2014 post-closing trial balance?

At April 1, 2014, Rhodes Company Reported a Balance of $22,000