Answered: 1.After the third closing entry to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1.After the third closing entry to close the Income Summary account has been posted, what is the balance of Income Summary? Give the balance of Income Summary after the 3 closing entries have been journalized and posted. $

2.After the fourth closing entry to close the Dividends account has been posted, what is the balance of the Retained Earnings account? Give the balance of Retained Earnings after all 4 closing entries have been journalized and posted. $

3.After the first and second closing entries to close the revenue and expense accounts have been posted, what is the balance of the Income Summary account?

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