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Case 3-78 Interpreting Closing Entries
Barnes Building Systems made the following closing entries at the end of a recent year:
a. Income Summary ............................. 129,750
Retained Earnings ........................ 129,750
b. Retained Earnings ........................... 25,000
Dividends ..................................... 25.000
c. Sales Revenue .................................. 495,300
Income Summary ......................... 495,300
d. Income Summary ............................. 104,100
Interest Expense ........................... 104,100
Required:
1. What was Barnes’s net income?
Concept Introduction:
Closing Entries: Closing entries is the process of closing temporary accounts at the end of year. Closing entries are prepared after preparing the adjusted trial balance. In the process of closing entries following steps are follows in the form of journal entries:
- Closing all revenue accounts by debiting the revenue accounts and crediting Income Summary Account.
- Closing all expenses by debiting the Income Summary accounts and crediting all expenses accounts.
- Closing the net income by debiting the Income Summary accounts and crediting Capital or Retained earrings account.
- Closing the withdrawals accounts by debiting the Capital or Retained earrings account and crediting the withdrawal account.
To Calculate:
The Net income of Barnes Building Systems.
The Net income of Barnes Building Systems for the year is calculated as follows:
The Net income can be found from t...
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