For the year ended December 31, a company had revenues of $187,000 and expenses of $109,000. $37,000 in dividends were paid during the year. Which of the following entries could not be a closing entry?
A. Debit Income Summary $109,000, credit expenses $109,000.
B. Debit revenues $187,000; credit Income Summary $187,000.
C. Debit Income Summary $187,000; credit revenues $187,000.
D. Debit Income Summary $78,000; credit Retained earnings $78,000.
E. Debit Retained earnings $37,000; credit Dividends $37,000.
Answer: C
You might also like to view...
If there is an improvement to a building that extends the life of the building, the total cost incurred should be debited to the long-term asset
a. True b. False Indicate whether the statement is true or false
When a central bank decreases money growth, the bank is said to ________ monetary policy.
A. tighten B. loosen C. ?destabilize D. ease
An expletive
A) obscures the subject of the sentence. B) clarifies the meaning of a sentence. C) contributes to conciseness. D) provides a strong antecedent to a noun. E) substitutes for redundant language.
Which of the following is true about how plea-bargaining usually works?
A) A defendant who is serving a prison sentence for a crime the defendant was convicted of can get the sentence reduced for good behavior, community service or similar reasons B) A defendant waives the right to a jury trial and the judge determines guilt or innocence C) A defendant waives certain constitutional rights in exchange for a lighter sentence D) A defendant pleads guilty to the charged crime or to a lesser offense in exchange for receiving a lighter sentence than if the defendant were to be tried and found guilty of the original charges