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 revenues $187,000; credit Income Summary $187,000.
B. Debit Income Summary $109,000, credit expenses $109,000.
C. Debit Income Summary $78,000; credit Retained earnings $78,000.
D. Debit Retained earnings $37,000; credit Dividends $37,000.
E. Debit Income Summary $187,000; credit revenues $187,000.
Answer: E
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