High Step Shoes had annual revenues of $189,000, expenses of $105,700, and dividends of $19,600 during the current year. The retained earnings account before closing had a balance of $301,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:

High Step Shoes had annual revenues of $189,000, expenses of $105,700, and dividends of $19,600 during the current year. The retained earnings account before closing had a balance of $301,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 6E: After all revenue and expenses have been closed at the end of the fiscal period ended December 31,...

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