Presented below are the Retained Earnings,Dividends,and Income Summary accounts for Happy Puppy Pet Grooming Boutique for the year ended December 31,20xx.
In the journal provided,prepare the closing entries that resulted in the T accounts above.Assume that the only revenue is Revenue from Services and the only expense is Advertising Expense (omit explanations).
Definitions:
Preference Dividends
Dividends that are paid to holders of preferred shares, typically at a fixed rate, before any dividends are paid to common shareholders.
EPS
Earnings Per Share, a financial ratio that indicates the portion of a company's profit allocated to each outstanding share of common stock, serving as an indicator of the company's profitability.
Directors' Declaration
A statement by the company's directors asserting the accuracy of the financial statements.
Auditor's Report
A formal opinion issued by an auditor based on an audit of a company's financial statements, indicating whether the statements are free from material misstatement and accurately represent the company's financial position.
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