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    adataneses's Avatar
    adataneses Posts: 2, Reputation: 1
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    #1

    Feb 15, 2010, 02:19 PM
    Income summary calculator
    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
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Feb 17, 2010, 02:32 AM

    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.
    adataneses's Avatar
    adataneses Posts: 2, Reputation: 1
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    #3

    Feb 18, 2010, 12:39 PM

    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.

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