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Business, 22.02.2021 23:30 maued

On December 31, 2018, Ditka Inc. had Retained Earnings of $287,800 before its closing entries were prepared and posted. During 2018, the company had service revenue of $188,100 and interest revenue of $91,300. The company used supplies in the amount of $97,900, advertising expenses were $18,400, salaries and wages totaled $21,300, and income tax expense was calculated as $17,700. During the year, the company declared and paid dividends of $8,000. Required: Prepare the closing entries dated December 31, 2018. Prepare T-account for the Retained Earnings account. Enter the beginning balance into the T-account, post the closing entries, and then determine the ending balance.

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On December 31, 2018, Ditka Inc. had Retained Earnings of $287,800 before its closing entries were p...
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