A company's ledger accounts and their end-of-period balances before closing entries are posted are shown...
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Accounting
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 Depreciation expense-equipment Accumulated depreciation-equipment $ 7,000 9,600 29,000 3,600 7,200 920 500 1,500 Multiple Choice $16,780 debit. O $7,180 credit. $16,780 credit
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