Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020: $...

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Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020: $ 25,160 Accounts Payable Accounts Receivable 38,600 10.340 Accumulated depreciation, Equipment. Accumulated depreciation, Warehouse 20.680 Cash 7,800 Cash Dividends 19,000 Common Shares 106,000 Equipment 77,800 Income Tax Expense 40,000 Land 111,600 Notes Payable, due in 2023 33,000 Operating Expenses 108,600 Preferred Shares 38,600 27,120 Retained Earnings Revenue Warehouse 265,300 122,800 The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year- end. View transaction list Journal entry worksheet < 1 2 3 4 > Record to close the revenue account to the income summary. Note: Enter debits before credits. General Journal Date December 31, 2020 Record entry Clear entry Debit Credit View general journal 2. Calculate the post-closing balance in Retained Earnings at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) Post-Closing Balance in Retained Earnings: Retained earnings, December 31, 2019 Retained earnings, December 31, 2020 Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020: $ 25,160 Accounts Payable Accounts Receivable 38,600 10.340 Accumulated depreciation, Equipment. Accumulated depreciation, Warehouse 20.680 Cash 7,800 Cash Dividends 19,000 Common Shares 106,000 Equipment 77,800 Income Tax Expense 40,000 Land 111,600 Notes Payable, due in 2023 33,000 Operating Expenses 108,600 Preferred Shares 38,600 27,120 Retained Earnings Revenue Warehouse 265,300 122,800 The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year- end. View transaction list Journal entry worksheet < 1 2 3 4 > Record to close the revenue account to the income summary. Note: Enter debits before credits. General Journal Date December 31, 2020 Record entry Clear entry Debit Credit View general journal 2. Calculate the post-closing balance in Retained Earnings at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) Post-Closing Balance in Retained Earnings: Retained earnings, December 31, 2019 Retained earnings, December 31, 2020

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2 ACCOUNT TITLES AND EXPLANATION Revenue Income Summary To c... View the full answer