A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What net amount will be posted to Retained Earnings in the process of closing
the Income Summary account? (Assume all accounts have normal balances.)
Retained Earnings
$7,000
Dividends
9,600
Revenue
29,000
Rent Expense
3,600
Salaries Expense
7,200
Insurance Expense
920
Deprec. Expense - equipment
500
Accum. Deprec-equipment
1,500
A) $18,280 credit
B) $16,780 credit
C) $16,700 debit
D) $7,180 credit
E) $22,780 Credit