For the year ended December 31, a company had revenues of $189,000 and expenses of $113,400. $37,800 in dividends were paid during the year. Which of the following entries could not be a closing entry?
A. Debit Income Summary $75,600; credit Retained earnings $75,600.
B. Debit Income Summary $113,400, credit expenses $113,400.
C. Debit Retained earnings $37,800; credit Dividends $37,800.
D. Debit revenues $189,000; credit Income Summary $189,000.
E. Debit Income Summary $189,000; credit revenues $189,000.
Answer: E
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