Assume you are a senior accountant and have been assigned the responsibility for making the entries to close the books for the year. You have prepared the following four entries and presented them to your boss,the chief financial officer of the company,along with the company CEO,In the weekly staff meeting: Service revenue Income summary $522,000 $522,000 Income summary Promotionalexpenses Salaries expense Travel expenses 463,520 48,520 375,500 00S'6E Income summary Retained earnings 58,480 58,480 Retained earnings Dividends 28,000 28,000 As the CEO was reviewing your work.he asked the question,What do these entries mean? Can we learn anything about them?" reviewing Provide an explanation to give to the CEO about what the entries reveal about the company's operations this year
