Business, 24.02.2020 18:06 MayFlowers

On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were prepared and posted. During 2018, the company had service revenue of $179,100 and interest revenue of $86,800. The company used supplies in the amount of $93,400, advertising expenses were $17,500, salaries and wages totaled $19,950, and income tax expense was calculated as $15,900. During the year, the company declared and paid dividends of $7,100. Required: Prepare the closing entries dated December 31, 2018. Prepare T-account for the Retained Earnings account. Enter the beginning balance into the T-account, post the closing entries, and then determine the ending balance.

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On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were p...