Homework Answers
Answer :
(a)
| Number | Account Name | Debit | Credit |
| (1) | Revenue | $ 500000 | |
| Income Summary | $ 500000 | ||
| ( To record closing of Revenue Account ) | |||
| (2) | Income summary | $ 300000 | |
| Cost of goods sold | $ 300000 | ||
| ( To record Closing of Expenses ) | |||
| (3) | Income summary | $ 200000 | |
| Retained Earning | $ 200000 | ||
| ( To record closing of Income summary Account ) | |||
| (4) | Retained Earning | $ 50000 | |
| Dividends | $ 50000 | ||
| ( To record the close the Dividend Account ) |
(b) Computation of Ending Balance of Retained Earning
Retained Earning Ending Balance
= Beginning Period Retained earning + Net Income - Dividend payment
= $ 200000 + $ 200000 - $ 50000
= $ 350000
Net Income = Revenue - Cost of goods sold
= $ 500000 - $ 300000
= $ 200000
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