Business, 22.02.2020 00:57 zhenhe3423

On December 31, 2016, Ditka Inc. had Retained Earnings of $285,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $186,100 and interest revenue of $90,300. The company used supplies in the amount of $96,900, advertising expenses were $18,200, salaries and wages totaled $21,000, and income tax expense was calculated as $17,300. During the year, the company declared and paid dividends of $7,800. Prepare the closing entries dated December 31, 2016.

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On December 31, 2016, Ditka Inc. had Retained Earnings of $285,800 before its closing entries were p...

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