A company had revenues of $59,000 and expenses of $46,000 for the accounting period. Dividends of $6500 were paid in cash during the same period. Which of the following entries could not be a closing entry?
A. Debit Income Summary $59,000; credit Revenues $59,000.
B. Debit Revenues $59,000; credit Income Summary $59,000.
C. Debit Retained earnings $6500; credit Dividends $6500.
D. Debit Income Summary $13,000; credit Retained earnings $13,000.
E. Debit Income Summary $46,000; credit Expenses $46,000.
Answer: A
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