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dem82 [27]
3 years ago
6

The Retained earnings account has a credit balance of $54,000 before closing entries are made. Total revenues for the period are

$72,200, total expenses are $48,300, and dividends are $15,800. What is the correct closing entry for the revenue accounts?
Mathematics
1 answer:
Romashka [77]3 years ago
3 0

Answer: $62100

Step-by-step explanation:

The following can be deduced from the information given in the question:

Credit balance = $54000

Total revenues = $72,200

Total expenses = $48,300

Dividends = $15,800

Closing entry= Credit balance + Total revenues - (Total expenses + Dividends)

= $54000 + $72,200 - ($48300 + $15800)

= $126200 - $64100

= $62100

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