High Step Shoes had annual revenues of $198,000, expenses of $110,200, and dividends of $23,200 during the current year. The retained earnings account before closing had a balance of $310,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:

High Step Shoes had annual revenues of $198,000, expenses of $110,200, and dividends of $23,200 during the current year. The retained earnings account before closing had a balance of $310,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:

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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