A company had revenues of $61,500 and expenses of $47,000 for the accounting period. Dividends of $6750 were paid in cash during the same period. Which of the following entries could not be a closing entry?
A. Debit Income Summary $14,500; credit Retained earnings $14,500.
B. Debit Revenues $61,500; credit Income Summary $61,500.
C. Debit Retained earnings $6750, credit Dividends $6750.
D. Debit Income Summary $47,000, credit Expenses $47,000.
E. Debit Income Summary $61,500; credit Revenues $61,500.
Answer: E
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