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Closing Income Summary and Dividends to Retained Earnings Adriana Company had a net...

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Accounting

Closing Income Summary and Dividends to Retained Earnings
Adriana Company had a net income of $130,000 and paid cash dividends of $26,000 for 20-- Overman Company had a net loss of $25,000 and distributed a 10% stock dividend with a market value of $15,000.
Prepare the journal entries for Adriana as of December 31,20--, to close Income Summary and Cash Dividends into Retained Earnings.
Page: 1
DATE
ACCOUNT TITLE
20--
Dec. 31
2
3
4
5 Dec. 31
6
7
To close Dividends
DOC. POST.
NO. REF.
CREDIT
To close Income Summary
3
4
5
6
7
Prepare the journal entries for Overman as of December 31,20--, to close Income Summary and Stock Dividends into Retained Earnings.
Page: 1
DATE
ACCOUNT TITLE
DOC. POST.
No.
DEBIT
CREDIT
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