On December 31, 2022, Ditka Incorporated had Retained Earnings of $273,800 before its closing entries were prepared and posted. During 2022, the company had service revenue of $174,100 and interest revenue of $84,300. The company used supplies in the amount of $90,900, advertising expenses were $17,000, salaries and wages totaled $19,200, and income tax expense was calculated as $14,900. During the year, the company declared and paid dividends of $6,600.Required:Prepare the closing entries dated December 31, 2022.Enter the beginning balance into the following T-account for Retained Earnings and post the closing entries.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On December 31, 2022, Ditka Incorporated had Retained Earnings of $273,800 before its closing entries were prepared and posted. During 2022, the company had service revenue of $174,100 and interest revenue of $84,300. The company used supplies in the amount of $90,900, advertising expenses were $17,000, salaries and wages totaled $19,200, and income tax expense was calculated as $14,900. During the year, the company declared and paid dividends of $6,600.Required:Prepare the closing entries dated December 31, 2022.Enter the beginning balance into the following T-account for Retained Earnings and post the closing entries.

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