contestada

There are two closing entries. The first one is to close revenues and expenses to _____, and the second one is to close _____ to Retained Earnings. and.Dividends; Retained Earnings b.Retained Earnings; Dividends c.Dividends; Common Stock d.Retained Earnings; Common Stock

Respuesta :

Answer:

b.Retained Earnings; Dividends

Explanation:

The closing entries are as follows

1. Service Revenue A/c Dr XXXXX

          To Income Summary XXXXX

(Being revenue account closed)

2. Income summary A/c Dr XXXXX

        To Expenses A/c XXXXX

(Being the expenses account are closed)

3.  Income summary A/c Dr XXXXX

             To Retained earning A/c XXXXX

(Being the profit is recorded)

4. Retained earnings A/c Dr XXXXX

                 To Dividend A/c XXXXX

(Being dividend account is closed)

Otras preguntas