Adjusting Entries: Retained earnings
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Adjusting Entries: Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. For each journal entry write Dr for debit and Cr for credit.
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Solution Summary
The solution explains how to prepare the closing entry for retained earnings
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We have to pass the entry to record the net income from the income summary account. The dividends ...
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