All Revenue and Expense Accounts Have Been Closed at the End

question 217

Essay

All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary account has total debits of $530,000 and total credits of $600,000. As of the same date, Retained Earnings has a balance of $115,000, and the Dividends account has a balance of $48,000.
Instructions
(a) Journalize the entries required to complete the closing of the accounts.
(b) Prepare a retained earnings statement for the year ended December 31, 2018.

Identify the effects and dangers of common stimulants and depressants on the central nervous system.

Recognize different types of substance use disorders and their treatments.

Explain the sociocultural, psychological, and biological factors leading to substance use and addiction.

Describe the mechanisms of drug action and the impact on the human body.

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Definitions:

Blood Pressure

The force exerted by blood against the inner walls of the blood vessels.

Heartbeat

The pulsation of the heart, including one complete contraction and relaxation cycle, distributing blood throughout the body.

Medulla

The innermost part of an organ or structure, such as the medulla oblongata of the brain that controls autonomic functions, or the inner region of an adrenal gland.

Hypothalamus

A region of the brain that coordinates many bodily functions, including hunger, thirst, temperature regulation, and the release of hormones.