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Determine amount of retained earnings at end of the period

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Problem - Closing Entries with Net Income

After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $315,000 and a credit of $449,500. At the same date, Retained Earnings has a credit balance of $750,000, and Dividends has a balance of $40,000.

(a) Journalize the entries required to complete the closing of the accounts.

(b) Determine the amount of Retained Earnings at the end of the period.

Reference no: EM132680068

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