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 Dividends Revenue Rent expense Salaries expense Insurance expense Depr. Expense-equipment Accum depr.-equipment $ 8,750 12,250 35,000 3,500 8,150 390 600 1,800 Multiple Choice $10,110 credit. $22,360 debit. $22,360 credit. $10,110 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.) Retained earnings Dividends Revenue Rent expense Salaries expense Insurance expense Depr. Expense-equipment Accum depr.-equipment $ 8,750 12,250 35,000 3,500 8,150 390 600 1,800 Multiple Choice $10,110 credit. $22,360 debit. $22,360 credit. $10,110 credit.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
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
$ 8,750
Dividends
12,250
Revenue
35,000
Rent expense
3,500
Salaries expense
8,150
Insurance expense
390
Depr. Expense-equipment
Accum depr.-equipment
600
1,800
Multiple Choice
$10.110 credit.
$22.360 debit.
$22,360 credit.
$10.110 credit.
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