On December 31, 2022, Ditka Incorporated had Retained Earnings of $277,800 before its closing entries were prepared and posted. During 2022, the company had service revenue of $178,100 and interest revenue of $86,300. The company used supplies in the amount of $92,900, advertising expenses were $17,400, salaries and wages totaled $19,800, and income tax expense was calculated as $15,700. During the year, the company declared and paid dividends of $7,000. 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 A Required B Prepare 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 list 1 Record the entry for closing the revenue and expense accounts. 2 Record the entry for closing dividend account. Note = journal entry has been entered Record entry Clear entry < Required A X Debit Credit View general journal > Required B >

On December 31, 2022, Ditka Incorporated had Retained Earnings of $277,800 before its closing entries were prepared and posted. During 2022, the company had service revenue of $178,100 and interest revenue of $86,300. The company used supplies in the amount of $92,900, advertising expenses were $17,400, salaries and wages totaled $19,800, and income tax expense was calculated as $15,700. During the year, the company declared and paid dividends of $7,000. 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 A Required B Prepare 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 list 1 Record the entry for closing the revenue and expense accounts. 2 Record the entry for closing dividend account. Note = journal entry has been entered Record entry Clear entry < Required A X Debit Credit View general journal > Required B >

Name: Please help me with all answers thanku On December 31, 2022, Ditka Inc
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Description: Please help me with all answers thanku On December 31, 2022, Ditka Incorporated had Retained Earnings of $277,800 before its closing entrieswere prepared and posted. During 2022, the company had service revenue of $178,100 and interestrevenue of $86,

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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