Closing entries transfer the revenue, expense, and dividends balances to:
A) retained earnings.
B) permanent accounts.
C) temporary accounts.
D) none of the above.
Correct Answer:
Verified
Q120: In what order are financial statements generally
Q123: The entry to close the Dividends account
Q124: The closing process applies only to permanent
Q126: During the closing process, Retained Earnings is
Q127: Permanent accounts include:
A)cash, service revenue and land.
B)cash,
Q128: The entry to close revenue accounts:
A)increases total
Q130: The entry to close expense account(s):
A)increases total
Q148: The closing entry for the Salaries Expense
Q152: The entry made to close Service Revenue
Q156: Assume the beginning balance in the Retained
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