Information from the 2005 income statement for Campbell Soup Company is shown below. Using the information from

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Information from the 2005 income statement for Campbell Soup Company is shown below.
Information from the 2005 income statement for Campbell Soup Company

Using the information from the income statement, perform the following:
1. Prepare the entries made by Campbell to close the 2005 revenue and expense accounts to Retained Earnings.
2. Campbell Soup paid dividends of $280 million in 2005. Provide the entry made to close the dividends account to Retained Earnings.
3. If the beginning balance in Campbell's Retained Earnings was $5,642 million, what would the ending balance be after the above closing entries have been posted?

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Financial Accounting

ISBN: 978-0324645576

10th edition

Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice

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