Business, 09.03.2021 02:00, zakariaaap1

On December 31, 2018, Ditka Inc. had Retained Earnings of $283,800 before its closing entries were prepared and posted. During 2018, the company had service revenue of $184,100 and interest revenue of $89,300. The company used supplies in the amount of $95,900, advertising expenses were $18,000, salaries and wages totaled $20,700, and income tax expense was calculated as $16,900. During the year, the company declared and paid dividends of $7,600. Required: Prepare the closing entries dated December 31, 2018. Prepare T-account for the Retained Earnings account. Enter the beginning balance into the T-account, post the closing entries, and then determine the ending balance.

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On December 31, 2018, Ditka Inc. had Retained Earnings of $283,800 before its closing entries were p...