Help can someone explain the closing entry? Debit Account Titles 11,540 9,690 6,

Question

Help can someone explain the closing entry?

Debit Account Titles 11,540 9,690 6,210 47,100 Accounts Receivable Supplies Accumulated Depreciation Accounts Pavable Uneamed Rent Revenue Capital Stock Retained Eamings 3,310 1,670 22,500 20,700 15,000 44,860 5,600 Commission Revenue Depreciation Expense Utilities Expense Supplies Expense 4,400 8,500 5,100 Total 107,540 107,540 Required Prepare the third closing entry to close the Income Summary account to the Retained Earnings account, given that net income for the period = $32,460 Account Title Credit Dec. 31 (Choose one)

Explanation / Answer

Account Title Debit Credit Income Summary $32,460.00 Retained Earnings $32,460.00 Retained Earnings $15,000.00 Dividend $15,000.00 Account: Retained Earnings Debit Credit Balance Beginning Balance $20,700.00 Close Income Summary $32,460.00 $53,160.00 Close Dividends $15,000.00 $38,160.00 In post closing trial balance Retained Earning balance $38,160.00

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