The Retained Earnings account has a credit balance of $57,000 before closing ent
ID: 2422625 • Letter: T
Question
The Retained Earnings account has a credit balance of $57,000 before closing entries are made. Total revenues for the period are $75,200, total expenses are $49,800, and dividends are $17,000. What is the correct closing entry for the expense accounts?
The Retained Earnings account has a credit balance of $57,000 before closing entries are made. Total revenues for the period are $75,200, total expenses are $49,800, and dividends are $17,000. What is the correct closing entry for the expense accounts?
Explanation / Answer
What is the correct closing entry for the expense accounts?
Income Summary DR 49800
Expenses CR 49800
Income Summary DR 49800
Expenses CR 49800