On December 31, 2016, Ditka Inc. had Retained Earnings of $285,800 before its closing entries were...

 

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On December 31, 2016, Ditka Inc. had Retained Earnings of $285,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $186,100 and interest revenue of $90,300. The company used supplies in the amount of $96,900, advertising expenses were $18,200, salaries and wages totaled $21,000, and income tax expense was calculated as $17,300. During the year, the company declared and paid dividends of $7,800. Required: a. Prepare the closing entries dated December 31, 2016. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) view transaction list view general journal Journal Entry Worksheet b. Prepare T-account for the Retained Earnings account. Record the entry for closing revenue and expense account. Retained Earnings Beg. Bal, Transaction General Journal Debit Credit End. Bal. *Enter debits before credits done clear entry record entry On December 31, 2016, Ditka Inc. had Retained Earnings of $285,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $186,100 and interest revenue of $90,300. The company used supplies in the amount of $96,900, advertising expenses were $18,200, salaries and wages totaled $21,000, and income tax expense was calculated as $17,300. During the year, the company declared and paid dividends of $7,800. Required: a. Prepare the closing entries dated December 31, 2016. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) view transaction list view general journal Journal Entry Worksheet b. Prepare T-account for the Retained Earnings account. Record the entry for closing revenue and expense account. Retained Earnings Beg. Bal, Transaction General Journal Debit Credit End. Bal. *Enter debits before credits done clear entry record entry

Answer rating: 100% (QA)

Requirements asked Date Accounts title Debit Credit 31Dec16 Service Revenue 186100 I... View the full answer