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Accounting
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

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
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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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: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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