EX 13
– 14 HW
Xmet Incorporation
General Journal
Closing Entries
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Date
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Account Titles and Explanation
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PR
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Debit
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Credit
|
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December 31, 2014
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1
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Revenues
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$ 271,600
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Income Summary
|
$ 271,600
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Revenue close to Income Summary A/c
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2
|
Income
Summary
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149,800
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Expenses
|
149,800
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Expenses plus tax close to Income Summary
A/c
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a.
|
(109,200 + 40,600)
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b.
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3
|
Income
Summary
|
121,800
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Retained Earnings
|
121,800
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Income Summary close to Retained
Earning
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4
|
Retained
Earning
|
19,600
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Cash Dividend
|
19,600
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Cash Dividend close to Retained Earnings
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Calculation of
Post-Closing Balance of Retained Earnings:
Retained
Earnings given Balance on Dec 31, 2014 $ 27,720
Income
Summary Transferred to RE 121,800
Total
amount in Retained Earnings before Dividend 149,520
Less
Cash Dividends 19,600
Post-Closing
Balance - Retained Earnings 129,920
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