All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary account has total debits of $530,000 and total credits of $600,000. As of the same date, Retained Earnings has a balance of $115,000, and the Dividends account has a balance of $48,000. (a) Journalize the entries required to complete the closing of the accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary account has total debits of $530,000 and total credits of $600,000. As of the same date, Retained Earnings has a balance of $115,000, and the Dividends account has a balance of $48,000. (a) Journalize the entries required to complete the closing of the accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary
account has total debits of $530,000 and total credits of $600,000. As of the same date, Retained Earnings has a balance of $115,000,
and the Dividends account has a balance of $48,000.
(a)
Journalize the entries required to complete the closing of the accounts. (Credit account titles are automatically indented
when the amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
(To close net income to retained earnings)
(To close dividends to retained earnings)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6d11e95b-1031-405c-a6e8-c45177d4c27b%2Ffff790a9-9b58-4dd8-9f83-b438fa5dd69c%2Fgo4sge_processed.png&w=3840&q=75)
Transcribed Image Text:All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary
account has total debits of $530,000 and total credits of $600,000. As of the same date, Retained Earnings has a balance of $115,000,
and the Dividends account has a balance of $48,000.
(a)
Journalize the entries required to complete the closing of the accounts. (Credit account titles are automatically indented
when the amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
(To close net income to retained earnings)
(To close dividends to retained earnings)
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