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?
1 answer:
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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