Big-Mouth Frog Corporation had revenues of 210,000, expenses of 120,000, and dividends of 30,000. When Income...

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Big-Mouth Frog Corporation had revenues of €210,000, expenses of €120,000, and dividends of €30,000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a a. debit of €60,000. b. debit of €90,000. c. credit of €60,000. d. credit of €90,000. Big-Mouth Frog Corporation had revenues of €210,000, expenses of €120,000, and dividends of €30,000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a a. debit of €60,000. b. debit of €90,000. c. credit of €60,000. d. credit of €90,000.

Answer rating: 100% (QA)

SOLUTION To determine the amount of the debit or credit to Retained Earn... View the full answer