After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $218,380 and a credit of $375,000. At the same date, Retained Earnings has a credit balance of $479,100 and Dividends has a balance of $18,000. (A)How would I journalize the entries required complete the closing of the accounts. (B) What would the amount of retained earnings be at the end of the period?

I have set this up several ways, and still am wrong. I came up with a sum of $340,480 in retained earnings

It would be useful to see what you have tried to do and where you got your answer from so that we can correct it.

I had a friend to help, I was wrong on my answer. New to accounting and he showed me how to set up my T accounts.