All income and expense accounts were closed at the end of the calendar year for the Patton
Fantastic news! We've Found the answer you've been seeking!
Question:
All income and expense accounts were closed at the end of the calendar year for the Patton Company. The Income Summary account has total debits of $530,000 and total credits of $600,000. As of the same date, Retained Earnings has a balance of $115,000 and the Dividends account has a balance of $48,000.
Instructions
a) Take to the journal the necessary entries to complete the closing of the accounts.
b) Prepare a statement of retained earnings for the year ended December 31, 2015.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: