ashlynhenderson0323
22.02.2020 •
Business
On December 31, 2016, Ditka Inc. had Retained Earnings of $285,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $186,100 and interest revenue of $90,300. The company used supplies in the amount of $96,900, advertising expenses were $18,200, salaries and wages totaled $21,000, and income tax expense was calculated as $17,300. During the year, the company declared and paid dividends of $7,800. Prepare the closing entries dated December 31, 2016.
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Ответ:
Closing Entries Dated 31, 2016
Dr. Cr.
Closing Income Accounts
Service revenue $186,100
Interest revenue $90,300
Income Summary $276,400
Closing Expense Accounts
Income Summary $153,400
Supplies Expense $96,900
Advertising expenses $18,200
Salaries and wages $21,000
Income tax expense $17,300
Closing Income Summary Account
Income Summary $123,000
Retained Earning $123,000
Closing Dividend Account
Retained Earning $7,800
Dividend $7,800
Explanation:
All the Income and Expenses accounts are closed to Income summary account. The net balance of income summary account is transferred to retained earning account. The dividend balance is also transferred to retained earning account to close it. Ultimately all the balances are netted off in retained earning account.
Ответ:
KN= 15 units
NM= 20 units
Step-by-step explanation: