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Determine the amount of retained earnings at end of period

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Reference no: EM132659670

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 $201,300 and a credit of $269,700. At the same date, Retained Earnings has a credit balance of $312,000, and Dividends has a balance of $26,200.

Question a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account.

Question b. Determine the amount of Retained Earnings at the end of the period.

Reference no: EM132659670

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