FINANCIAL ACCOUNTING-TEXT
6th Edition
ISBN: 2810023103767
Author: DYCKMAN
Publisher: CAMB BUS
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Chapter 3, Problem 27ME
To determine
Compute the post closing ending balance of
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After all revenue and expense accounts have been closed at the end of the fiscal year on 31 March 2021 at Zuhoor Muscat Company, Income Summary has a debit of RO 280,106 and a credit of RO230,547. At the same date, Share Capital has a credit balance of RO 500,000, and Dividends has a balance of RO 22,000. The entry to complete the closing of Income Summary will include a:
After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000.
Required:
A.
Journalize the entries required to complete the closing of the accounts on December 31. Refer to the Chart of Accounts for exact wording of account titles.
B.
Determine the amount of Retained Earnings at the end of the period.
CHART OF ACCOUNTS
General Ledger
ASSETS
11
Cash
12
Accounts Receivable
13
Prepaid Insurance
14
Supplies
15
Land
16
Building
17
Accumulated Depreciation-Building
18
Equipment
19
Accumulated Depreciation-Equipment
LIABILITIES
21
Accounts Payable
22
Salaries and Wages Payable
23
Unearned Rent
EQUITY
31
Common Stock
32
Retained Earnings
33
Dividends
34
Income Summary
REVENUE
41
Fees Earned…
All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary
account has total debits of $530,000 and total credits of $600,000. As of the same date, Retained Earnings has a balance of $115,000,
and the Dividends account has a balance of $48,000.
(a)
Journalize the entries required to complete the closing of the accounts. (Credit account titles are automatically indented
when the amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
(To close net income to retained earnings)
(To close dividends to retained earnings)
Chapter 3 Solutions
FINANCIAL ACCOUNTING-TEXT
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
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