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A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.) $ 5,500 Retained earnings Dividends 7,700 22,000 2,200 5,250 Revenue Rent expense Salaries expense Insurance expense 245 Depr. Expense-equipment Accum depr.-equipment 340 1,020 Multiple Choice $13,965 debit. $6.265 credit. $14,985 credit. $13,965 credit.

A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.) $ 5,500 Retained earnings Dividends 7,700 22,000 2,200 5,250 Revenue Rent expense Salaries expense Insurance expense 245 Depr. Expense-equipment Accum depr.-equipment 340 1,020 Multiple Choice $13,965 debit. $6.265 credit. $14,985 credit. $13,965 credit.

FINANCIAL ACCOUNTING
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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A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Retained earnings $ 5,500 Dividends 7,700 Revenue 22,000 Rent expense 2,200 Salaries expense 5,250 Insurance expense 245 Depr. Expense-equipment Accum depr.-equipment 340 1,020 Multiple Choice $13.965 debit. $6,265 credit. $14,985 credit. $13,965 credit.
Transcribed Image Text:A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Retained earnings $ 5,500 Dividends 7,700 Revenue 22,000 Rent expense 2,200 Salaries expense 5,250 Insurance expense 245 Depr. Expense-equipment Accum depr.-equipment 340 1,020 Multiple Choice $13.965 debit. $6,265 credit. $14,985 credit. $13,965 credit.
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