Use the interactive dashboard below to answer the questions that follow:Danielson Corporation have just wrapped up their fiscal year. They have compiled their income statement and are now in the process of completing their closing entries. To assist with the closing process they have created a dashboard reconciling beginning and ending retained earnings as well as demonstrating the components of their income statement. Using the dashboard address the following concerning the closing process inclusive of the closing entries: Journal entry worksheet<1Record the closing entry.Note: Enter debits before credits.Transaction1explanationRecord entryGeneral JournalClear entryB. What was Danielson Corporation's Net Income for the year?Net IncomeDebitC. Post-closing entries, what is the ending Retained Earnings balance?Retained Earnings BalanceCreditView general journal Change in Retained Earnings$80K$60K$40K$20K$OKIncome Statement Accounts$100K$80K$60K$40K$20KSOK$50,000Beg. Retained EarningsGain on Sale of Assets$10,000Sales Revenue$89,000Revenue and Gains< Prev10 of 10#HEnd. Retained EarningsLoss on Sale of Assets$13,000Utilities Expense$19,000Next >Salary Expense$44,000Expenses and Losses

Answered: Journal entry worksheet < 1 Record the…

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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Use the interactive dashboard below to answer the questions that follow:

Danielson Corporation have just wrapped up their fiscal year. They have compiled their income statement and are now in the process of completing their closing entries. To assist with the closing process they have created a dashboard reconciling beginning and ending retained earnings as well as demonstrating the components of their income statement. Using the dashboard address the following concerning the closing process inclusive of the closing entries:

Journal entry worksheet
<
1
Record the closing entry.
Note: Enter debits before credits.
Transaction
1
explanation
Record entry
General Journal
Clear entry
B. What was Danielson Corporation's Net Income for the year?
Net Income
Debit
C. Post-closing entries, what is the ending Retained Earnings balance?
Retained Earnings Balance
Credit
View general journal

Change in Retained Earnings
$80K
$60K
$40K
$20K
$OK
Income Statement Accounts
$100K
$80K
$60K
$40K
$20K
SOK
$50,000
Beg. Retained Earnings
Gain on Sale of Assets
$10,000
Sales Revenue
$89,000
Revenue and Gains
< Prev
10 of 10
#
H
End. Retained Earnings
Loss on Sale of Assets
$13,000
Utilities Expense
$19,000
Next >
Salary Expense
$44,000
Expenses and Losses

Expert Solution

Step 1

Closing Journal Entries

The type of journal entries that relates to transferring of balances of temporary accounts to the permanent accounts are classified as closing journal entries. They are recorded at the end of a relevant accounting period.

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