Question

robin sporting goods company reported the following data at july 31, 2024, with amounts in thousands: view the account balances. view the statement of retained earnings. view the balance sheet. make the companys closing entries at july 31, 2024. then set up a t - account for retained earnings and post to that account. compare retained earnings ending balance to the amount reported on robins statement of retained earnings and balance sheet. what do you find? make the companys closing entries at july 31, 2024. (record debits first, then credits. exclude explanations from any journal entries.) begin by making the closing entry for revenues at july 31, 2024.

Explanation:

Step1: Close revenues to Income Summary

Debit all revenue accounts for their balances and credit Income Summary for the total revenue amount. However, since no account - balance data is provided in the question, we assume a general form. If we had a revenue account called "Sales Revenue" with a balance of $X$, the closing entry for revenues would be:
Debit: Sales Revenue $X$
Credit: Income Summary $X$

Step2: Close expenses to Income Summary

(Not asked in this part of the question but for full - cycle understanding, we would debit Income Summary for total expenses and credit each expense account for its balance)

Step3: Close Income Summary to Retained Earnings

If Income Summary has a credit balance (net income), we debit Income Summary and credit Retained Earnings. If it has a debit balance (net loss), we debit Retained Earnings and credit Income Summary.

Step4: Close Dividends to Retained Earnings

(Not asked in this part of the question but for full - cycle understanding, we would debit Retained Earnings and credit Dividends)

Answer:

Date	Accounts	Debit	Credit
July 31			Income Summary	[Total Revenue Amount]