A company had services revenues of $52,500 and expenses of $42,500 for the accounting period. Dividends of $5,775 were paid in cash during the same period. Which of the following entries could not be a closing entry? Multiple Choice Debit Income Summary $52,500; credit Services Revenue $52,500. O O Debit Retained Earnings $5,775; credit Dividends $5,775. Debit Income Summary $10,000; credit Retained Earnings $10,000. Debit Services Revenue $52,500; credit Income Summary $52,500. Debit Income Summary $42,500; credit Expenses $42,500.

A company had services revenues of $52,500 and expenses of $42,500 for the accounting period. Dividends of $5,775 were paid in cash during the same period. Which of the following entries could not be a closing entry? Multiple Choice Debit Income Summary $52,500; credit Services Revenue $52,500. O O Debit Retained Earnings $5,775; credit Dividends $5,775. Debit Income Summary $10,000; credit Retained Earnings $10,000. Debit Services Revenue $52,500; credit Income Summary $52,500. Debit Income Summary $42,500; credit Expenses $42,500.

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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