A company has the following adjusted trial balance: 
Which closing entry is needed?
A) Debit Service Revenue for $33,200 and credit Retained Earnings for $33,200
B) Debit Rent Expense for $1400 and credit Retained Earnings for $1400
C) Credit Retained Earnings for $1800 and debit Cash for $1800
D) Debit Dividends for $1000 and credit Retained Earnings for $1000
Correct Answer:
Verified
Q186: Revenues and expenses are closed to:
A)Cash.
B)Net Income.
C)Dividends.
D)Retained
Q188: Why is it necessary to close the
Q190: The following accounts and balances are taken
Q190: The managers of a company are concerned
Q191: Regarding income statement formats, which of the
Q191: On a multistep income statement,"Other income (expenses),net":
A)includes
Q196: Describe the process of closing the books
Q197: Christine's Cleaning Services, Inc. has the following
Q198: A current ratio of less than 1.0
Q200: To analyze a company's financial position,decision makers
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents