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 $14,000 $19,200 $58,000 $7,200 $14,400 $840 $900 Salaries expense Insurance expense Depreciation expense-Equipment 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

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 $14,000 $19,200 $58,000 $7,200 $14,400 $840 $900 Salaries expense Insurance expense Depreciation expense-Equipment 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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 1MC: The cumulative effect of an accounting change should generally be reported as an adjustment to the...

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