After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000.
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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