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Retained earnings has a credit balance of 272000 and

Question - 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 $175,400 and a credit of $235,000. At the same date, Retained Earnings has a credit balance of $272,000, and Dividends has a balance of $22,800.

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.

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Accounting Basics: Retained earnings has a credit balance of 272000 and

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Accounting Basics: Retained earnings has a credit balance of 272000 and

Reference No:- TGS02579327

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