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$7750?Dividends 10,850?Revenue 31,000?Rent expense 3100?Salaries expense 7250?Insurance expense 345?Depr. Expense-equipment 520?Accum depr.-equipment 1560?
A. $19,785 credit.
B. $19,785 debit.
C. $8935 credit.
D. $8935 credit.
E. $21,345 credit.
Answer: A
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