23A company had revenues of $63,000 and expenses of $47,750 for the accounting perlod. Dividends of $6,950 were pald in cash during the sameperiod. Which of the following entries could not be a closing entry?Multiple Choicents3 02:30:56Debit Revenues $63,000; credit Income Summary $63,000.Debit Income Summary $47,750; credit Expenses $47,750.Debit Income Summary $63,000; credit Revenues $63,000.Debit Income Summary $15,250; credit Retained earnings $15,250.Debit Retained earnings $6,950; credit Dividends $6,950.icraw< PreyNoxt >23 of 30MacBook Air

Closing Entries are those entries that are made at the end of the year to close all temporary…

A company had revenues of $63,000 and expenses of $47,750 for the accounting period. Dividends of $6,950 were paid in cash during the same period. Which of the following entries could not be a closing entry?

A company had revenues of $63,000 and expenses of $47,750 for the accounting period. Dividends of $6,950 were paid in cash during the same period. Which of the following entries could not be a closing entry?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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