Business, 13.07.2020 21:01 latoyatuggle23

On December 31, 2016, Ditka Inc. had Retained Earnings of $270,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $171,100 and interest revenue of $82,800. The company used supplies in the amount of $89,400, advertising expenses were $16,700, salaries and wages totaled $18,750, and income tax expense was calculated as $14,300. During the year, the company declared and paid dividends of $6,300. Required:
a. Prepare the closing entries dated December 31, 2016.
b. Record the entry for closing revenue and expense account.
c. Record the entry for closing dividend account.

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On December 31, 2016, Ditka Inc. had Retained Earnings of $270,800 before its closing entries were p...

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