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Business, 23.04.2021 18:50 brownsade1648

After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $781,400 and a credit of $946,800. At the same date, Retained Earnings has a credit balance of $1,449,000, and Dividends has a balance of $30,000. Required: A. Journalize the entries required to complete the closing of the accounts on December 31. B. Determine the amount of Retained Earnings at the end of the period.

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After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summar...
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