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.)
Retained earnings
Dividends
Revenue
Rent expense
Salaries expense
Insurance expense
Depr. Expense-equipment
Accum depr.-equipment
$ 7,000
9,600
29,000
3,600
7,200
920
500
1,500