Multiple Choice
The entry to close the revenue accounts includes:
A) a debit to Retained Earnings and credits to the respective revenue accounts.
B) a debit to Dividends and credits to the respective revenue accounts.
C) debits to the respective revenue accounts and a credit to Retained Earnings.
D) debits to the respective revenue accounts and a credit to Dividends.
Correct Answer:
Verified
Correct Answer:
Verified
Q144: The closing entries show a debit to
Q145: A 40-month insurance policy was purchased for
Q146: A company started the year with no
Q147: Prepaid expenses are also called:<br>A)accrued expenses.<br>B)deferred expenses.<br>C)both
Q148: Which of the following accounts does NOT
Q150: If a company forgets to make an
Q151: The total revenues of $7,000, total expenses
Q152: Wages that have been accrued need to
Q153: Accounting for revenue on an accrual basis
Q154: The journal entry to record $2,750 of