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mart [117]
3 years ago
10

At December 31, Riverbed Corporation reports net income of $454,000. Prepare the entry to close net income. (Credit account titl

es are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
Tpy6a [65]3 years ago
3 0

Answer:

Dr Profit and loss account $454,000

Cr Retained earnings $454,000

Explanation:

Preparation of the Journal entry to close net income for Riverbed Corporation

Based on the information given we were told that the Corporation reports net income of the amount of $454,000 on December 31 this means the Journal entry to close the account will be recorded as:

Dr Profit and loss account $454,000

Cr Retained earnings $454,000

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Katyanochek1 [597]

Answer:

                                 Journal entry

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2 years ago
Android Products, Inc., agreed to accept a $1,000, one-year, 10 percent note from C. Mate. On its maturity date of December 16,
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Answer:

Explanation:

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