Canade-Officia webste Show Me How Print em Closing Entries with Net Income After

Question

Canade-Officia webste Show Me How Print em 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 s ame date, Retained Earnings h 202,700 and a credit of $271,600. At the has a credit balance of $314,000, and Dividends has a balance of $26,400 Journalise the entries required to (3) close net income or net loss and (2) close the Dividends account Detrne the amount of Retained tarnings at the end of the penod. Previous

Explanation / Answer

1) Income summary 68900 Retained earnings 68900 (271600-202700) 2) Retained earnings 26,400 Dividends 26,400 b) Retained earnings at the end of the period 356,500 answer opening balance 314,000 add net income for the year 68900 382,900 less dividends -26,400 retained earnings a the end of the period 356,500

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