ashvinmsingh
22.02.2021 •
Business
In the midst of closing procedures, Echo Corporation's accountant became ill and was hospitalized. You have volunteered to complete the closing of the books, and you find that all revenue and expense accounts have zero balances. The Dividends account has a debit balance of $18,750. The Retained Earnings accounts has a beginning credit balance of $134,000. Expenses totaled $325,500 and revenues totaled $364,400. Prepare journal entries to complete the closing procedures as of year-end. To close the Dividends account.
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Ответ:
Revenues Dr $364,400
Income summary Cr $364,400
(Closing revenue accounts)
Income summary Dr $325,500
Expenses Cr $325,500
(Closing expense accounts)
Income summary Dr $38900
Retained earnings Cr $38900
(Transferring balance in income summary to retained earnings)
Dividends Dr $18,750
Retained earnings Cr $18,750
(Closing of dividends)
Ответ:
one is cash and the other is credit
Explanation: