Closing Entries In the midst of closing procedures, La Verne Corporation's accountant became ill and was hospitalized. You have volunteered to complete the closing of the books. You find that all the revenue and expense accounts have zero balances. The Dividends account has a debit balance of $35,000. The Retained Earnings account has a beginning credit balance of $191,000. Expenses totaled $328,800, and revenues totaled $347,400. Prepare journal entries to complete the closing procedures as of year-end directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? Date Dec.31 Retained Earnings General Journal Description ÷ Dividends ÷ To close the Dividends account. Debit 35,000 0 Credit Balance in Retained Earnings after closing $ 156,000 0 35,000

What is the impact on the accounting equation when a payment of accountable payable is made? what is the impact on accounting equation when an account receivable is collected?  what is the impact on the accounting equation when a sell occurs? what is the impact on the accounting equation when stock is issued, in exchange for assets?  which of the following accounts is increased by a debit?  which of the following camp do not increase with a debit entry?  which of the following pairs increase with credit entries?  which of the following pairs of accounts are impacted the same with debits and credits?  which of the following count normally have a debit balance?  what type of account is prepaid insurance?

If the company reports a net loss for the period, then the closing entries will result in an overall ____ to Retained Earnings. A. Debit  B. Credit

How do you close revenue, expense, dividend, and income summary accounts