**PA7. LO 5.1**Assume that the first two closing entries have been made and posted. Use the T-accounts provided as follows to:A. Complete the closing entries.B. Determine the ending balance in the Retained Earnings account.**T-Accounts:**1. **Income Summary** - *Debit:* 212,000 - *Credit:* 277,5002. **Retained Earnings** - Balance: 45,9003. **Dividends** - Balance: 7,500**Explanation of T-Accounts:**- The **Income Summary** account shows debits of 212,000 and credits of 277,500, reflecting income and expenses that need to be closed to determine net income or loss.- The **Retained Earnings** account has a current balance of 45,900, which will be adjusted with the closing of the Income Summary and Dividends accounts.- The **Dividends** account has a balance of 7,500, indicating the dividends declared during the period that will affect the closing balance of Retained Earnings.

The closing entries are the last and ending entries made in the books of accounts for a given…

PA7. LO 5.1 Assume that the first two closing entries have been made and posted. Use the T-accounts provided as follows to: A. complete the closing entries B. determine the ending balance in the Retained Earnings account Debit Credit Income Summary 212,000 277,500 Retained Earnings Bal. 45,900 Dividends Bal. 7,500

PA7. LO 5.1 Assume that the first two closing entries have been made and posted. Use the T-accounts provided as follows to: A. complete the closing entries B. determine the ending balance in the Retained Earnings account Debit Credit Income Summary 212,000 277,500 Retained Earnings Bal. 45,900 Dividends Bal. 7,500

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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