The following account balances prior to closing entries were taken from the records of Keswick Company: After closing entries at December 31, 2013, Retained Earnings will be:
A)$2,900.
B)$7,400.
C)$19,900.
D)$24,400.

Question

The following account balances prior to closing entries were taken from the records of Keswick Company:  After closing entries at December 31, 2013, Retained Earnings will be:
A)$2,900. 
B)$7,400. 
C)$19,900. 
D)$24,400.

Quizplus · Accepted Answer

$17,000 beg. balance + $22,400 - $15,000 - $4,500 = $19,900 ending balance

The Following Account Balances Prior to Closing Entries Were Taken