A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summaryaccount? (Assume all accounts have normal balances.)Retained earnings$ 5,500Dividends7,700Revenue22,000Rent expense2,200Salaries expense5,250Insurance expense245Depr. Expense-equipmentAccum depr.-equipment3401,020Multiple Choice$13.965 debit.$6,265 credit.$14,985 credit.$13,965 credit.

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.) $ 5,500 Retained earnings Dividends 7,700 22,000 2,200 5,250 Revenue Rent expense Salaries expense Insurance expense 245 Depr. Expense-equipment Accum depr.-equipment 340 1,020 Multiple Choice $13,965 debit. $6.265 credit. $14,985 credit. $13,965 credit.

A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.) $ 5,500 Retained earnings Dividends 7,700 22,000 2,200 5,250 Revenue Rent expense Salaries expense Insurance expense 245 Depr. Expense-equipment Accum depr.-equipment 340 1,020 Multiple Choice $13,965 debit. $6.265 credit. $14,985 credit. $13,965 credit.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 7PB: Assume that the first two closing entries have been made and posted. Use the T-accounts provided...

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