Multiple Choice
In preparing closing entries
A) each revenue account will be credited.
B) each expense account will be credited.
C) the retained earnings account will be debited if there is net income for the period.
D) the dividends account will be debited.
Correct Answer:
Verified
Correct Answer:
Verified
Q49: Correcting entries<br>A) always affect at least one
Q82: Which of the following liabilities are not
Q108: Closing entries are<br>A) an optional step in
Q125: Correcting entries are made any time an
Q143: The IASB and FASB are working on
Q146: The following information is for Bright Eyes
Q149: The following items are taken from the
Q152: Prepare the necessary closing entries based
Q153: The following information is for Bright Eyes
Q156: Preparing a worksheet involves<br>A) two steps.<br>B) three