A Company's Ledger Accounts and Their End-Of-Period Balances Before Closing

question 340

Multiple Choice

A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below.What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.)
$$\begin{array} { l r } \text { Retained earnings } &\$ 7,000 \\\text { Dividends } & 9,600 \\\text { Revenus } & 29,000 \\\text { Rent expense } & 3,600 \\\text { Salaries expense } & 7,200 \\\text { Insurance expense } & 920 \\\text { Depr. Experise-equipment } & 500 \\\text { Accum depr.-equiprnent } & 1,500\end{array}$$

• A) $16,780 debit.
• B) $7,180 credit.
• C) $16,780 credit.
• D) $18,280 credit.
• E) $23,780 credit.

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A genus of medium to large sea slugs known for their simple nervous system, which makes them valuable in neuroscience research, particularly in studies of learning and memory.

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