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Question: Shown below are a company's ledger accounts and their end-of-period balances before closing entries are posted. Retained earnings Dividends Sales revenue Rent expense Salaries expense Insurance expense Depreciation expense-Equipment $14,000 $19,200 $58,000 $7,200 $14,400 $840 $900 Accumulated depreciation-Equipment $2,500 What amount will be posted to Retained Earnings in the process of closing the Income Summary account? A. $16,780 debit B. $15,460 credit C. $48,660 credit D. $34,660 credit E. $17,960 credit

Question: Shown below are a company's ledger accounts and their end-of-period balances before closing entries are posted. Retained earnings Dividends Sales revenue Rent expense Salaries expense Insurance expense Depreciation expense-Equipment $14,000 $19,200 $58,000 $7,200 $14,400 $840 $900 Accumulated depreciation-Equipment $2,500 What amount will be posted to Retained Earnings in the process of closing the Income Summary account? A. $16,780 debit B. $15,460 credit C. $48,660 credit D. $34,660 credit E. $17,960 credit

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement
Section: Chapter Questions
Problem 20P
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Question: Shown below are a company's ledger accounts and their end-of-period balances before closing entries are posted. Retained earnings Dividends Sales revenue Rent expense Salaries expense Insurance expense Depreciation expense-Equipment $14,000 $19,200 $58,000 $7,200 $14,400 $840 $900 Accumulated depreciation-Equipment $2,500 What amount will be posted to Retained Earnings in the process of closing the Income Summary account? A. $16,780 debit B. $15,460 credit C. $48,660 credit D. $34,660 credit E. $17,960 credit
Transcribed Image Text:Question: Shown below are a company's ledger accounts and their end-of-period balances before closing entries are posted. Retained earnings Dividends Sales revenue Rent expense Salaries expense Insurance expense Depreciation expense-Equipment $14,000 $19,200 $58,000 $7,200 $14,400 $840 $900 Accumulated depreciation-Equipment $2,500 What amount will be posted to Retained Earnings in the process of closing the Income Summary account? A. $16,780 debit B. $15,460 credit C. $48,660 credit D. $34,660 credit E. $17,960 credit
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