On December 31, 2018, Ditka Inc. had Retalned Earnings of $268,800 before Its closing entries...
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On December 31, 2018, Ditka Inc. had Retalned Earnings of $268,800 before Its closing entries were prepared and posted. During 2018, the company had service revenue of $169,100 and Interest revenue of $81,800. The company used supplies In the amount of $88,400, advertising expenses were $16,500, salarles and wages totaled $18,450, and Income tax expense was calculated as $13,900. During the year, the company declared and pald dividends of $6,100. Required a. Prepare the closing entrles dated December 31, 2018. b. Prepare T-account for the Retalned Earnings account. Enter the beginning balance Into the T-account, post the closing entries, and then determlne the ending balance. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the closing entries dated December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry for closing revenue and expense account. Note: Enter debits before credits Debit Credit Record entry Clear entry View general journal
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