Question

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	$	5,250
Dividends		7,350
Revenue		21,000
Rent expense		2,100
Salaries expense		5,000
Insurance expense		235
Depr. Expense-equipment		320
Accum depr.-equipment		960

Answer 1

Amount that will be posted to Retained earnings in the process of closing the Income Summary account=$13,345

Following closing entries will be made

Accounts Titles & Explanations	Debit	Credit
Revenue	$         21,000.00
Income Summary		$      21,000.00
(to close revenue accounts)
Income Summary	$            7,655.00
Rent expense		$         2,100.00
Salaries expense		$         5,000.00
Insurance expense		$            235.00
Depreciation expense-Equipment		$            320.00
(to close expense accounts)
Income Summary	$         13,345.00
Retained Earnings		$      13,345.00
(to close Income/ (loss))

Answer 2

22980 is what I got