In the closing process,______ are zeroed out by crediting each account and ______ are zeroed out by debiting each account.
A) expenses and dividends; revenues
B) revenues; expenses and dividends
C) dividends; revenues and expenses
D) assets; liabilities
Correct Answer:
Verified
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Q205: The balance in retained earnings prior to
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Q209: Permanent accounts are found on:
A) only the
Q210: Which of the following is performed last
Q211: An error must have been made if
Q212: The closing entry for dividends involves a
Q213: Which of the following would decrease net
Q218: A closing entry includes a:
A)debit to Sales
Q219: Which of the following statements about the
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