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Am I even close to being right on Retained earnings.
I have tried to understand this several times. I do not want the answer just the general direction I should look
(1) Apr 30 Service revenue $15,590.00 Correct Response Income summary $15,590.00 (2) Apr 30 Income summary $12,328.00 Salaries expense $10,840.00 Rent expense $760.00 depreciation expense $671.00 interest expense $57.00 (3) Apr 30 Income summary $3,262.00 net income $3,262.00 (4) Apr 30 $3,650.00 dividends $3,650.00 (1)(b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts. Income Summary Correct Res Retained Earnings Correct Response (2) $12,328.00 (1) $15,590.00 (4) $3,650.00 Balance $15,590.00 (3) $3,262.00 (3) $12,328.00 $15,590.00 $15,590.00 $3,262.00 |
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