5. For the year ended December 31, 2006, the financial records of Planet Corp. reported the ff.: Total revenues - P801,400; total expenses - P601,100; Dividends declared - P25,600. What is the entry to close Income Summary to Retained Earnings? (Input the total debit or credit amount)

Managerial Accounting
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ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 17E
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5. For the year ended December 31, 2006, the financial records of Planet Corp. reported the ff.: Total revenues - P801,400; total expenses - P601,100; Dividends declared - P25,600. What is the entry to close Income Summary to Retained Earnings? (Input the total debit or credit amount) 

 

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