On December 31, 2022, Ditka Incorporated had Retained Earnings of $274,800 before its closing entries were prepared and posted.During 2022, the company had service revenue of $175,100 and interest revenue of $84,800. The company used supplies in theamount of $91,400, advertising expenses were $17,100, salaries and wages totaled $19,350, and income tax expense was calculated as$15,100. During the year, the company declared and paid dividends of $6,700.Required:a. Prepare the closing entries dated December 31, 2022.b. Enter the beginning balance into the following T-account for Retained Earnings and post the closing entries.Complete this question by entering your answers in the tabs below.Required ARequired BPrepare the closing entries dated December 31, 2022. (If no entry is required for a transaction/event, select "No Journal Entry Required"in the first account field.)View transaction listView journal entry worksheetNoTransactionGeneral JournalDebitCreditDecember 31,20221Service Revenue175,100Interest Revenue84,800Supplies Expense91,400Advertising Expense17,100Salaries and Wages Expense19,300Income Tax Expense15,100Retained Earnings116,950Retained Earnings6,700Dividends6,700December 31,20222No Transaction RecordedRequired ARequired B>

The closing entries are prepared to close the temporary accounts of the business. The balance of…

On December 31, 2022, Ditka Incorporated had Retained Earnings of $274,800 before its closing entries were prepared and posted. During 2022, the company had service revenue of $175,100 and interest revenue of $84,800. The company used supplies in the amount of $91,400, advertising expenses were $17,100, salaries and wages totaled $19,350, and income tax expense was calculated as $15,100. During the year, the company declared and paid dividends of $6,700. Required: a. Prepare the closing entries dated December 31, 2022. b. Enter the beginning balance into the following T-account for Retained Earnings and post the closing entries.

On December 31, 2022, Ditka Incorporated had Retained Earnings of $274,800 before its closing entries were prepared and posted. During 2022, the company had service revenue of $175,100 and interest revenue of $84,800. The company used supplies in the amount of $91,400, advertising expenses were $17,100, salaries and wages totaled $19,350, and income tax expense was calculated as $15,100. During the year, the company declared and paid dividends of $6,700. Required: a. Prepare the closing entries dated December 31, 2022. b. 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

Section: Chapter Questions

Problem 1Q

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