Journalizing closing entries—periodic inventory system Nautical Dream Boat Supply uses the periodic inventory method. The adjusted trial balance of Nautical Dream Boat Supply at December 31, 2016, follows:
1. Journalize the required closing entries at December 31, 2016. Assume ending Merchandise Inventory is $53,300.
2. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances.
3. How much was Nautical Dream’s net income or net loss?
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