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Debit Credit Retained Earnings 35,200 Dividends Paid $ 15,000 Sales 124,000 Cost of Goods Sold (COGS) 45,000 Selling Expenses 13,800 Administrative Expenses 3,250 Income Tax Expense 30,500 Required: Using the above partial trial balance. Prepare the necessary closing entries using the Income Summary Account AND calculate the year-end retained earnings balance.

Debit Credit Retained Earnings 35,200 Dividends Paid $ 15,000 Sales 124,000 Cost of Goods Sold (COGS) 45,000 Selling Expenses 13,800 Administrative Expenses 3,250 Income Tax Expense 30,500 Required: Using the above partial trial balance. Prepare the necessary closing entries using the Income Summary Account AND calculate the year-end retained earnings balance.

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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Debit Credit Retained Earnings 35,200 Dividends Paid $ 15,000 Sales 124,000 Cost of Goods Sold (COGS) 45,000 Selling Expenses 13,800 Administrative Expenses 3,250 Income Tax Expense 30,500 Required: Using the above partial trial balance. Prepare the necessary closing entries using the Income Summary Account AND calculate the year-end retained earnings balance.
Transcribed Image Text:Debit Credit Retained Earnings 35,200 Dividends Paid $ 15,000 Sales 124,000 Cost of Goods Sold (COGS) 45,000 Selling Expenses 13,800 Administrative Expenses 3,250 Income Tax Expense 30,500 Required: Using the above partial trial balance. Prepare the necessary closing entries using the Income Summary Account AND calculate the year-end retained earnings balance.
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