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 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![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
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.)
Required B
View transaction list
1
Note
Record the entry for closing the revenue and expense
accounts.
2 Record the entry for closing dividend account.
= journal entry has been entered
Record entry
Clear entry
< Required A
X
Debit
Credit
View general journal
>
Required B >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe48b91ac-d128-464b-9c87-7d3008e2bbca%2F37e00a00-43c6-42bb-80c8-532cb2ee3601%2Fakgchq_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
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.)
Required B
View transaction list
1
Note
Record the entry for closing the revenue and expense
accounts.
2 Record the entry for closing dividend account.
= journal entry has been entered
Record entry
Clear entry
< Required A
X
Debit
Credit
View general journal
>
Required B >
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