Closing the dividends account to Retained Earnings is not necessary if net income is greater than dividends during the period.
Correct Answer:
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Q29: Merriweather Post Pavillion received a $820 check
Q30: The following information is for Bright Eyes
Q31: The following items are taken from the
Q32: Balance sheet accounts are considered to be
A)temporary
Q33: Both IFRS and GAAP require disclosures about
A)accounting
Q35: Current assets are customarily the first items
Q36: Which of the following companies would be
Q37: The income summary account
A)is a permanent account.
B)appears
Q38: The income statement for the month of
Q39: The purpose of the post-closing trial balance
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