A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Retained earnings$7,000Dividends 9,600Revenue 29,000Rent expense 3,600Salaries expense 7,200Insurance expense 920Depr. Expense-equipment 500Accum depr.-equipment 1,500
A. $18,280 credit.
B. $7,180 credit.
C. $16,780 debit.
D. $23,780 credit.
E. $16,780 credit.
Answer: E
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