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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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