Closing Entries in the midst of closing procedures, Echo Corporation's accountant became ill and was hospitalized. You have volunteered to complete the closing of the books, and you find that all revenue and expense accounts have zero balances. The Dividends account has a debit balance of $19,150. The Retained Earnings accounts has a beginning credit balance of $130,000. Expenses totaled $321,500 and revenues totaled $360,400. Prepare journal entries to complete the closing procedures as of year-end directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? General Journal Description Date Dec 31 Retained Earnings Dividends ✿ To close the Dividends account. Debit Balance in Retained Earnings after closing $ 0 05 0 Credit 0 0

Closing Entries in the midst of closing procedures, Echo Corporation's accountant became ill and was hospitalized. You have volunteered to complete the closing of the books, and you find that all revenue and expense accounts have zero balances. The Dividends account has a debit balance of $19,150. The Retained Earnings accounts has a beginning credit balance of $130,000. Expenses totaled $321,500 and revenues totaled $360,400. Prepare journal entries to complete the closing procedures as of year-end directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? General Journal Description Date Dec 31 Retained Earnings Dividends ✿ To close the Dividends account. Debit Balance in Retained Earnings after closing $ 0 05 0 Credit 0 0

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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The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Company. Use these normal account balances to journalize closing entries. Debit Credit Dividends $ 39,000 Sales $ 553,000 Sales returns and allowances 18,700 Sales discounts 5,600 Cost of goods sold 224,000 Sales salaries expense 54,000 Utilities expense 18,000 Selling expenses 39,000 Administrative expenses 111,000 1. Record closing of credit balances in temporary accounts. 2. Record closing of debit balances in temporary accounts. 3. Record closing of income summary accounts 4. Record closing of dividends account.
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